Beruflich Dokumente
Kultur Dokumente
9% Competitive Credits
Applications Must Be Received At VHDA No Later Than 2:00
PM Richmond, VA Time On March 11, 2011
2011
Low Income Housing Tax Credit Application for Reservation
Please indicate if the following items are included with your application by checking the appropriate boxes. Your assistance in
organizing the submission in the following order, and actually using tabs to mark them as shown, will facilitate review of your
application. Please note that all mandatory items must be included for the application to be processed. The inclusion of other items
may increase the number of points for which you are eligible under VHDA's point system of ranking applications, and may assist
VHDA in its determination of the appropriate amount of credits that it may reserve for the development.
3. If complete address is not available, provide longitude and latitude coordinates (x,y) from
location on site your surveyor deems appropriate.
Documentation from surveyor attached (TAB A) (Only necessary if street address or street intersections are not available)
4. The Circuit Court Clerk's office in which the deed to the property is or will be recorded:
City/County of Henrico County (ie; Richmond City, Chesterfield County; see application manual)
5. Does the site overlap one or more jurisdictional boundaries? Yes No
If yes, what other City/County is the site located in besides the one mentioned above?
6. Census Tract the development is located in: 2014.03
Is this a Qualified Census Tract: Yes No (If yes, attach required form in TAB A)
7. Is the development located in a Difficult Development Area? No If no, applicant may request that the property be treated
as if it is located in a DDA. If so, indicate by checking this box: (Note: This provision is NOT applicable to tax exempt bond deals.
8. Is the development located in a revitalization area? Yes No (If yes, attach required form in TAB A)
9. Is the development an existing RD or HUD S8/236 development? Yes No (If yes, attach required form in TAB Q)
Note to #9: If there is an identity of interest between the applicant and the seller in this proposal, and the applicant is seeking points in
this category, then the applicant must either waive their rights to the developer's fee or other fees associated with acquisition and/or
rehabilitation, or obtain a waiver of this requirement from VHDA prior to application submission to receive these points.
a. Applicant agrees to waive all rights to any developer's fee or
other fees associated with acquisition and/or rehab. Yes n/a
b. Applicant has obtained a waiver of this requirement from VHDA
prior to the application submission deadline. Yes n/a
10. Is the development located in a census tract with a poverty
rate <10% with no tax credit units currently present? Yes No
11. Is the development listed on the RD 515 Rehabilitation Priority List? Yes No
12. Is the proposed development located in an urban development area as defined in §15.2-2223.1of the Code of Virginia?
Yes No (If yes, attach required form in TAB U)
13. Will the proposed development participate in a locally adopted affordable housing dwelling unit program area as described in
either §15.2-2304 or §15.2-2305 of the Code of Virginia? Yes No (If yes, attach required form in TAB U)
B. Project Description:
In the space provided below, give a brief description of the proposed project.
The project entails the comprehensive renovation and preservation of an existing, aging affordable apartment community.
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Low Income Housing Tax Credit Application For Reservation
C. Reservation Request
1. Total annual credit amount request (Must be the same as Part IX-D8) $802,142
Federal Subsidies
The development will not receive federal subsidies.
some buildings.
1. Regular Allocation
All of the buildings in the development are expected to be placed
in service this year. For those buildings the owner will, this year, request an
allocation of 2011 credits for new construction, or
rehabilitation, or
acquisition and rehabilitation.
2. Carryforward Allocation
All of the buildings in the development are expected to be placed
in service within two years after the end of this calendar year, 2011, but the
owner will have more than 10% basis in the development before the end of twelve
months following allocation of credits. For those buildings, the owner requests
a carryforward allocation of 2011 credits pursuant to Section 42(h)(1)(E) for:
new construction, or
rehabilitation, or
acquisition and rehabilitation (even if you acquired a building this year and
"placed it in service" for the purpose of the acquisition credit, you cannot receive
the 8609 form for it until the rehab 8609 is issued for that building once the rehab
work is "placed in service" in 2012 or 2013).
3. Federal Subsidies
The development will not receive federal subsidies.
This development will receive federal subsidies for:
all buildings or
some buildings.
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Low-Income Housing Tax Credit Application For Reservation
The 10-year rule in IRC Section 42 (d)(2)(B) for all buildings does not apply pursuant to IRC Section 42(d)(6).
Different circumstances for different buildings: Attach a separate sheet and explain for each building.
NOTE: If no credits are being requested for rehabilitation expenditures, so indicate and go
on to Section II. No Rehabilitation
Proposed development is designed to serve as a replacement for housing being demolished through
redevelopment. Documentation Attached (TAB U)
Proposed development is housing that is an integral part of a neighborhood revitalization project sponsored by
a local housing authority. Documentation Attached (TAB U)
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Low-Income Housing Tax Credit Application For Reservation
NOTE: VHDA may allocate credits only to the tax-paying entity which owns the development at the time of the allocation. The term "Owner" herein refers to that entity. Please fill
in the legal name of the owner. The ownership entity must be formed prior to submitting this application. Any transfer, direct or indirect, of partnership interests (except those
involving the admission of limited partners) prior to the placed-in-service date of the proposed development shall be prohibited, unless the transfer is consented to by VHDA in its
sole discretion. IMPORTANT: The Owner name listed on this page must match exactly the owner name listed on the Virginia State Corporation Commission
A. Owner Information:
Name Oakmeade Associates, L.P.
Contact Person First: Kevin Middle: David Last: Orth
Address 269 South Main Street, Suite E
(Street)
Providence RI 02903
(City) (State) (Zip Code)
Federal I. D. No. Not yet applied for (If not available, obtain prior to Allocation)
Phone 401-553-2002 Fax 401-553-2004 Email address korth@aap-llc.com
Type of entity: Limited Partnership Other
Individual(s) Corporation
Owner's organizational documents (e.g. Partnership agreements & ownership structure chart) attached (Mandatory TAB B)
Certification from Virginia State Corporation Commission attached (Mandatory TAB C)
Principal(s) involved (e.g. general partners, LLC members, controlling shareholders, etc.):
Names ** Phone Type Ownership % Ownership
Kevin Orth 401-553-2002 General partner 70.00%
Thomas Dawson 415-332-8393 General partner 30.00%
0.00%
0.00%
0.00%
0.00%
0.00%
This should be 100% of the GP or managing member interest: 100.00%
** These should be the names of individuals who comprise the GP or managing members, not simply the names of
separate partnerships or corporations which may comprise those components.
B. Seller Information:
Name Oakmeade Partners Contact PersonLawrence Salzman
Address 6720 Patterson Avenue
Richmond, VA 23226 Phone 804-288-9108
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Low-Income Housing Tax Credit Application For Reservation
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Low-Income Housing Tax Credit Application For Reservation
D. Nonprofit Involvement:
Applications For 9% Credits - Must be completed in order to compete in the nonprofit tax credit pool.
All Applicants - Must be completed for points for nonprofit involvement under the ranking system.
Tax Credit Nonprofit Pool Applicants: To qualify for the nonprofit pool, an organization described in IRC Section 501
(c)(3) or 501 (c)(4) and exempt from taxation under IRC Section 501 (a), whose purposes include the fostering of low-income housing:
1. Must "materially participate" in the development and operation of the project throughout the compliance period,
2. Must own all general partnership interests in the development .
3. Must not be affiliated with or controlled by a for-profit organization.
4. Must not have been formed for the principal purpose of competition in the nonprofit pool, and
5. Must not have any staff member, or member of the nonprofit's board of directors materially participate in the proposed project
as a for-profit entity.
All Applicants: To qualify for points under the ranking system, the nonprofit's involvement need not necessarily
satisfy all of the requirements for participation in the nonprofit tax credit pool.
3. Type of involvement
Nonprofit meets eligibility requirement for points only, not pool or
Nonprofit meets eligibility requirements for nonprofit pool and points.
(Name of nonprofit)
(Phone) (Fax)
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Low-Income Housing Tax Credit Application For Reservation
B. Building Systems:
Please describe each of the following in the space provided.
Community Facilities: Community office, central laundry facility and playground
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Low-Income Housing Tax Credit Application For Reservation
C. Amenities:
1. Specify the average size per unit type: (Including pro rata share of heated common area)
Assisted Lvg 0.00 SF 1Bdrm Eld 0.00 SF 3-Bdrm Gar 1,208.52 SF
1-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 0.00 SF 4-Bdrm Gar 0.00 SF
1-Sty 1BR-Eld 0.00 SF Eff-Gar 0.00 SF 2+Sty 2BR TH 996.02 SF
1-Sty 2BR-Eld 0.00 SF 1-Bdrm Gar 767.02 SF 2+Sty 3BR TH 1,170.52 SF
Eff-Eld 0.00 SF 2-Bdrm Gar 918.52 SF 2+Sty 4BR TH 1,411.52 SF
2. Total gross usable, heated square feet for the entire project less nonresidential commercial area:
101,268.00 Documentation attached (TAB F) Mandatory
(Sq. ft.)
NOTE: All developments must meet VHDA's Minimum Design and Construction Requirements.
By signing and submitting the Application For Reservation of Low Income Housing Tax Credits the
applicant certifies that the proposed project budget, plans & specifications and work write-ups incorporate
all necessary elements to fulfill these requirements.
g. Water expense is sub-metered (the tenant will pay monthly or bi-monthly bill)
h. Each bathroom consists only of low-flow faucets (2.2 gpm max.) and showerheads (2.5gpm max.)
i. Provide necessary infrastructure in all units for high speed cable, DSL or wireless internet sevice.
j. All water heaters meet the EPA's Energy Star qualified program requirements.
k. Every unit in the development will be heated and cooled with a geothermal heat pump that meets
EPA Energy Star qualified program requirements.
l. The development will have a solar electric system that will remain unshaded year round, be oriented
to within 15 degrees of true south, and be angled horizontally within 15 degrees of latitude.
v1.1.2011 Page 8
Low Income Housing Tax Credit Application For Reservation
For all projects exclusively serving elderly and/or handicapped tenants, upon completion
of construction/rehabilitation: (Optional Point items)
For all rehabilitation and adaptive reuse projects, upon completion of construction or
or rehabilitation: (Optional Point items)
Accessibility
For any non-elderly property, or any elderly rehabilitation property, in which the greater of 5 or 10% of the units will be subject
to federal project-based rent subsidies or equivalent assistance in order to ensure occupancy by extremely low-income persons;
and (ii) the greater of 5 units or 10% of the units will conform to HUD regulations interpreting accessibility requirements of
section 504 of the Rehabilitation Act; and be actively marketed to people with special needs in accordance with a plan submitted
as part of the Application. (All of the units described in (ii) above must include roll-in showers and roll under sinks and front
controls for ranges, unless agree to by the Authority prior to the applicant's submission of its application). (50 points)
For any non-elderly property, or any elderly rehabilitation property, in which the greater of 5 or 10% of the units (i) have rents
within HUD’s Housing Choice Voucher (“HCV”) payment standard; (ii) conform to HUD regulations interpreting accessibility
requirements of section 504 of the Rehabilitation Act; and (iii) are actively marketed to people with mobility impairments,
including HCV holders, in accordance with a plan submitted as part the Application. (30 points)
For any non-elderly property, or any elderly rehabilitation property, in which at least four percent (4%) of the units conform
to HUD regulations interpreting accessibility requirements of section 504 of the Rehabilitation Act and are actively
marketed to people with mobility impairments in accordance with a plan submitted as part of the Application. (15 points)
(30 Points)
LEED Gold Certification
Earthcraft Certification - new construction development will be 20% more energy efficient than 2004 IECC.
Earthcraft Certification - rehabilitation development will be 40% more energy efficient post-rehabilitation
(45 Points)
LEED Platinum Certification
Earthcraft Certification - new construction development will be 25% more energy efficient than 2004 IECC.
Earthcraft Certification - rehabilitation development will be 50% more energy efficient post-rehabilitation
If seeking any points associated with LEED or Earthcraft certification, attach appropriate documentation at TAB F
Yes No N/A The market-rate units' amenities are substantially equivalent to those of the
low-income units. If no, explain differences:
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Low-Income Housing Tax Credit Application For Reservation
1. If 100% of the low-income units will be occupied by either or both of the following special needs
groups as defined by the United States Fair Housing Act, so indicate:
Yes Elderly (age 55 or above)
Yes Physically or mentally disabled persons (must meet the requirements of the federal
Americans with Disabilities Act)
2. Specify the number of low-income units that will serve individuals and families with children by
providing three or more bedrooms: 22 Number of units 22% of total low-income units
3. If the development has existing tenants, VHDA policy requires that the impact of economic and/or physical
displacement on those tenants be minimized, in which Owners agree to abide by the Authority's Relocation
Guidelines for LIHTC properties. Relocation Plan Documentation attached (TAB G)
4. If leasing preference will be given to applicants on public housing waiting list and/or Section 8
waiting list, so indicate:
Yes
No
Locality has no such waiting list; If yes, provide the following information:
Organization which holds such waiting list: Richmond Redevelopment & Housing Authority
Contact person (Name and Title) Sharon Valentine, Program Eligibility Coordinator
Phone Number 804-780-4375 Required documentation attached (TAB H)
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Low-Income Housing Tax Credit Application For Reservation
Note: Please refer to the Application Manual for specific instructions and deadlines for pertaining to locality
notification of proposed Low income Housing Tax Credit developments.
A. Provide the name and the address of the chief executive officer (City Manager, Town Manager, or
County Administrator) of the political jurisdiction in which the development will be located:
Chief Executive Officer's Name Virgil R. Hazelett
Chief Executive Officer's Title County Manager
Street Address PO Box 90775 Phone 804-501-4206
City Henrico State VA Zip 23273-0775
Name and title of local official you have discussed this project with who could answer questions for the
local CEO: John Young, Community Development Manager
Name and title of local official you have discussed this project with who could answer questions for the
local CEO:
B. Project Schedule
ACTUAL OR NAME OF
ACTIVITY ANTICIPATED PERSON
DATE RESPONSIBLE
Site
Option/Contract 3/8/10 Kevin Orth
Site Acquisition 11/1/11 Kevin Orth
Zoning Approval 3/1/11 Kevin Orth
Site Plan Approval 3/1/11 Kevin Orth
Financing
A. Construction Loan
Loan Application 5/1/11 Kevin Orth
Conditional Commitment 7/1/11 Kevin Orth
Firm Commitment 8/1/11 Kevin Orth
B. Permanent Loan - First Lien
Loan Application 5/1/11 Kevin Orth
Conditional Commitment 7/1/11 Kevin Orth
Firm Commitment 8/1/11 Kevin Orth
C. Permanent Loan-Second Lien
Loan Application NA
Conditional Commitment NA
Firm Commitment NA
D. Other Loans & Grants
Type & Source, List
Application NA
Award/Commitment NA
Formation of Owner 2/25/10 Kevin Orth
IRS Approval of Nonprofit Status NA
Closing and Transfer of Property to Owner 11/1/11 Kevin Orth
Plans and Specifications, Working Drawings 3/1/11 Kevin Orth
Building Permit Issued by Local Government 11/1/11 Kevin Orth
Start Construction 11/15/11 Kevin Orth
Begin Lease-up 11/1/11 Kevin Orth
Complete Construction 12/15/12 Kevin Orth
Complete Lease-Up 12/15/12 Kevin Orth
Credit Placed in Service Date 12/15/12 Kevin Orth
v1.1.2011 Page 11
Low-Income Housing Tax Credit Application For Reservation
Note: Site control by the Owner identified herein is a mandatory precondition of review of this application. Documentary
evidence of it, in the form of either a deed, option, purchase contract, or lease for a term longer than the period of time the
property will be subject to occupancy restrictions must be included herewith. (9% Competitive Credits - An option or
contract must extend beyond the application deadline by a minimum of four months.)
Warning: Site control by an entity other than the Owner, even if it is a closely related party, is not sufficient. Anticipated
future transfers to the Owner are not sufficient. The Owner, as identified in Subpart II-A, must have site control at the
time this Application is submitted.
NOTE: If the Owner receives a reservation of credits, the property must be titled in the name of or leased by (pursuant to a
long-term lease) the Owner before the allocation of credits is made this year.
Contact us before you submit this application if you have any questions about this requirement.
Applicant controls site by (select one and attach document - Mandatory TAB K)
Deed - attached
Long-term Lease - attached (expiration date: )
Option - attached (expiration date: )
Purchase Contract - attached (expiration date: 11/29/11 )
If more than one site for the development and more than one form of site control, please so indicate
and attach a separate sheet specifying each site,
site number of existing buildings on the site,
site if any,
any
type of control of each site, and applicable expiration date of form of site control. A site control
document is required for each site.
Owner is to acquire property by deed (or lease for period no shorter than period property
will be subject to occupancy restrictions) no later than 11/29/11
If more than one site for the development and more than one expected date of acquisition by
Owner, please so indicate and attach separate sheet specifying each site, number of existing
buildings on the site, if any, and expected date of acquisition of each site by the Owner.
Obtain the following information from the Market Study conducted in connection with this tax credit application and enter below:
v1.1.2011 Page 12
Low-Income Housing Tax Credit Application For Reservation
C. Site Description
4. Will the proposal seek to qualify for points associated with proximity to public transportation?
Yes No
Required documentation form attached (TAB A)
Minimum submission requirements for all properties (new construction, rehabilitation and adaptive reuse)
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Low-Income Housing Tax Credit Application For Reservation
A. Rental Assistance
1. Do or will any low-income units receive rental assistance?
Yes No
2. If yes, indicate type of rental assistance:
B. Utilities
1. Monthly Utility Allowance Calculations
v1.1.2011 Page 14
Low-Income Housing Tax Credit Application For Reservation
C. Revenue
1. Indicate the estimated monthly income for the Low-Income Units: **
Total Number of Total Monthly
Unit Type Tax Credit Units Rental Income
Efficiency Units 0 $0
1 Bedroom Units 12 $7,140
2 Bedroom Units 66 $43,560
3 Bedroom Units 18 $14,220
4 Bedroom Units 4 $3,520
Total Number of Tax Credit Units 100
** Beginning at Row 75 enter the appropriate data for both tax credit and market rate units in the yellow shaded cells.
2. Indicate the estimated monthly income for the Market Rate Units: **
Total Number of Total Monthly
Unit Type Market Units Rental Income
Efficiency Units 0 $0
1 Bedroom Units 0 $0
2 Bedroom Units 0 $0
3 Bedroom Units 0 $0
4 Bedroom Units 0 $0
Total Number of Market Units 0
1 STY-EFF-ELD 1 STY-1 BR-ELD 1 STY-2 BR-ELD Note: Please be sure to enter the number of units in the
0 0 0 appropriate unit category. If not, you will find an error on
the scoresheet at 5a, 6a & 6b.
List number of units by type: TAX CREDIT UNITS
ASSISTED LVG EFF-ELD 1 BD RM-ELD 2 BD RM-ELD EFF-GAR 1 BD RM-GAR
0 0 0 0 0 12
Efficiency Units
Unit Type / Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
1-Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
1 BR - 60% 0 0.00 $ - $ -
Total 1-BR Total Monthly 1-BR
Tax Credit Units: 12 8,176.58 Tax Credit Rent: $ 7,140
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
1 BR - Market 0 0.00 $ - $ -
Total 1-BR
Market Units: 0 0.00 Total Monthly
1-BR Market Rent: $ -
v1.1.2011 Page 15
2-Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
2 BR - 60% 0 0.00 $ - $ -
Total 2-BR Total Monthly 2-BR
Tax Credit Units: 66 59,266.07 Tax Credit Rent: $ 43,560
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
2 BR - Market 0 0.00 $ - $ -
v1.1.2011 2 BR - Market 0 0.00 $ - $ - Page 15
Total 2-BR
Market Units: 0 0.00 Total Monthly
2-BR Market Rent: $ -
3-Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
3 BR - 60% 0 0.00 $ - $ -
Total 3-BR Total Monthly 3-BR
Tax Credit Units: 18 19,207.90 Tax Credit Rent: $ 14,220
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
v1.1.2011 Page 15
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
3 BR - Market 0 0.00 $ - $ -
Total 3-BR
Market Units: 0 0.00 Total Monthly
3-BR Market Rent: $ -
4-Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 40% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
4 BR - 60% 0 0.00 $ - $ -
Total 4-BR Total Monthly 4-BR
Tax Credit Units: 4 5,244.68 Tax Credit Rent: $ 3,520
v1.1.2011 Page 15
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
4 BR - Market 0 0.00 $ - $ -
Total 4-BR
Market Units: 0 0.00 Total Monthly
4-BR Market Rent: $ -
v1.1.2011 Page 15
Low-Income Housing Tax Credit Application For Reservation
D. Operating Expenses
Administrative:
1. Advertising/Marketing $1,500
2. Office Salaries $0
3. Office Supplies $5,150
4. Office/Model Apartment (type______) $0
5. Management Fee $38,500
5.02% of EGI 385 Per Unit
6. Manager Salaries $41,500
7. Staff Unit (s) (type______) $0
8. Legal $1,500
9. Auditing $7,200
10. Bookkeeping/Accounting Fees $0
11. Telephone & Answering Service $4,625
12. Tax Credit Monitoring Fee $3,000
13. Miscellaneous Administrative $6,200
Total Administrative $109,175
Utilities
14. Fuel Oil $0
15. Electricity $26,800
16. Water $3,250
17. Gas $3,300
18. Sewer $23,700
Total Utility $57,050
Operating:
19. Janitor/Cleaning Payroll $0
20. Janitor/Cleaning Supplies $0
21. Janitor/Cleaning Contract $0
22. Exterminating $4,625
23. Trash Removal $11,325
24. Security Payroll/Contract $10,000
25. Grounds Payroll $23,500
26. Grounds Supplies $1,000
27. Grounds Contract $18,000
28. Maintenance/Repairs Payroll $39,000
29. Repairs/Material $33,500
30. Repairs Contract $10,300
31. Elevator Maintenance/Contract $0
32. Heating/Cooling Repairs & Maintenance $1,500
33. Pool Maintenance/Contract/Staff $0
34. Snow Removal $600
35. Decorating/Payroll/Contract $6,200
36. Decorating Supplies $6,200
37. Miscellaneous $0
Operating & Maintenance Totals $165,750
Taxes & Insurance
38. Real Estate Taxes $35,000
39. Payroll Taxes $25,800
40. Miscellaneous Taxes/Licenses/Permits $0
41. Property & Liability Insurance $17,450
42. Fidelity Bond $0
43. Workman's Compensation $0
44. Health Insurance & Employee Benefits $0
45. Other Insurance $0
Total Taxes & Insurance $78,250
6544
Total Operating Expense $410,225
D1. Total Oper. Ex. Per Unit $4,102 D2. Total Oper. Ex. As % EGI (from E3) 53.44%
Replacement Reserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $30,000
v1.1.2011 Page 16
Low-Income Housing Tax Credit Application For Reservation
Stabilized
Year 1 Year 2 Year 3 Year 4 Year 5
Eff. Gross Income 767,603 782,188 797,049 812,193 827,625
Less Oper. Expenses 440,225 453,432 467,035 481,046 495,477
Net Income 327,378 328,756 330,015 331,148 332,148
Less Debt Service 278,328 278,328 278,328 278,328 278,328
Cash Flow 49,050 50,428 51,687 52,820 53,820
Debt Coverage Ratio 1.18 1.18 1.19 1.19 1.19
v1.1.2011 Page 17
Low-Income Housing Tax Credit Application For Reservation
NOTE: Attorney must opine, among other things, as to correctness of the inclusion of each cost item in eligible
basis, type of credit and numerical calculations of this Part VIII.
A. Off-Site Improvements 0 0 0 0
B. Site Work 0 0 0 0
C. Geothermal System 0 0 0 0
D. Unit Structures (New) 0 0 0 0
E. Unit Structures (Rehab) 5,404,270 0 0 5,404,270
F. Solar Electric System 0 0 0 0
G. Asbestos Removal 0 0 0 0
H. Demolition 0 0 0 0
I
I. Commercial Space Costs 0 0 0 0
J. Structured Parking Garage 0 0 0 0
K. Subtotal A: (Sum 1A..1J) 5,404,270 0 0 5,404,270
L. General Requirements 324,256 0 0 324,256
M. Builder's Overhead 108,085 0 0 108,085
( 2.0% Contract)
N. Builder's Profit 324,256 0 0 324,256
( 6.0% Contract)
O. Bonding Fee 0 0 0 0
P. Other 0 0 0 0
Q. Contractor Cost
Subtotal (Sum 1K..1P) $6,160,867 $0 $0 $6,160,867
2. Owner Costs
A. Building Permit 0 0 0 0
B. Arch./Engin. Design Fee 50,000 0 0 50,000
( 500 /Unit)
C. Arch. Supervision Fee 10,000 0 0 10,000
( 100 /Unit)
D. Tap Fees 0 0 0 0
E. Soil Borings 0 0 0 0
v1.1.2011 Page 18
Low-Income Housing Tax Credit Application For Reservation
F. Construction Loan 0 0 0 0
Origination Fee
G. Construction Interest 24,500 0 0 24,500
( 0.0% for 0 months)
H. Taxes During Construction 0 0 0 0
I. Insurance During Construction 0 0 0 0
J. Cost Certification Fee 9,000 0 0 9,000
K. Title and Recording 30,000 21,429 0 8,571
L. Legal Fees for Closing 50,000 0 0 5,000
M. Permanent Loan Fee 52,500 0 0 0
( 1.5% )
N. Other Permanent Loan Fees 10,000 0 0 0
O. Credit Enhancement 0 0 0 0
P. Mortgage Banker 0 0 0 0
Q. Environmental Study 7,200 0 0 7,200
R. Structural/Mechanical Study 0 0 0 0
S. Appraisal Fee 3,500 0 0 3,500
T. Market Study 3,000 0 0 3,000
U. Operating Reserve 344,276 0 0 0
V. Tax Credit Fee 56,901 0 0 0
W. OTHER $256,190 $0 $0 $256,190
(SEE PAGE 19A)
X. Owner Cost
Subtotal (Sum 2A..2W)
2A 2W) $907 067
$907,067 $21 429
$21,429 $0 $376 961
$376,961
If this application seeks rehab credits only, in which there is no acquisition and no change in ownership, enter the greater of
appraised value or tax assessment value here: $0 Land
(Attach documentation at Tab K) $0 Building
1.1.2011 Page 19
Low-Income Housing Tax Credit Application For Reservation
v1.1.2011 Page 20
Low-Income Housing Tax Credit Application For Reservation
B. Sources of Funds
1. Construction Financing: List individually the sources of construction financing, including any such
loans financed through grant sources:
2. Permanent Financing: List individually the sources of all permanent financing in order of lien position:
v1.1.2011 Page 21
Low-Income Housing Tax Credit Application For Reservation
5. Net amount which will be used to pay for Total Development Cost (4a-4e)
as listed in Part VIII-A5 (same amount as Part IX-D3) $6,416,494
v1.1.2011 Page 22
Low-Income Housing Tax Credit Application For Reservation
1. Are any portions of the sources of funds described above for the development financed directly or indirectly
with Federal, State, or Local Government Funds? Yes No
If yes, then check the type and list the amount of money involved.
Grants Grants
CDBG $0 State $0
UDAG $0 Local $0
Other: $0
This means grants to the partnership. If you received a loan financed by a locality which received one of the
listed grants, please list it in the appropriate loan column as "other" and describe the applicable grant program
which funded it.
2. Subsidized Funding: list all sources of funding for points. Documentation Attached (TAB T)
v1.1.2011 Page 23
Low-Income Housing Tax Credit Application For Reservation
NOTE: Each recipient of an allocation of credits will be required to record an extended use agreement as
required by the IRC governing the use of the development for low-income housing for at least 30 years.
However, the IRC provides that, in certain circumstances, such extended use period may be terminated early.
This development will be subject to the standard extended use agreement which permits early
termination (after the mandatory 15-year compliance period) of the extended use period.
This development will be subject to an extended use agreement in which the owner's right to any
early termination of the extended use provision is waived for 25 additional years after the 15-
year compliance period for a total of 40 years. Do not select if IX.B is checked below.
This development will be subject to an extended use agreement in which the owner's right to any
early termination of the extended use provision is waived for 35 additional years after the 15-
year compliance period for a total of 50 years. Do not select if IX.B is checked below.
1. After the mandatory 15-year compliance period, a qualified nonprofit as identified in the
attached nonprofit questionnaire, or local housing authority will have the option to purchase
or the right of first refusal to acquire the development for a price not to exceed the outstanding
debt and exit taxes. Do not select if extended compliance is selected in IX.A above.
v1.1.2011 Page 24
Low-Income Housing Tax Credit Application For Reservation
$45,768 $0 $756,374
Qualified Basis Totals (must agree with VIII-A10)
v1.1.2011 Page 25
Low-Income Housing Tax Credit Application For Reservation
$0 $0 $0
Qualified Basis Totals (must agree with VIII-A10)
$0 $0 $0
Qualified Basis Totals (must agree with VIII-A10)
$0 $0 $0
Qualified Basis Totals (must agree with VIII-A10)
$0 $0 $0
Qualified Basis Totals (must agree with VIII-A10)
$0 $0 $0
Qualified Basis Totals (must agree with VIII-A10)
The following calculation of the amount of credits needed is substantially the same as the calculation which will be made by
VHDA to determine, as required by the IRC, the amount of credits which may be allocated for the development. However, VHDA
at all times retains the right to substitute such information and assumptions as are determined by VHDA to be reasonable for the
information and assumptions provided herein as to costs (including development fees, profits, etc.), sources for funding,
expected equity, etc. Accordingly, if the development is selected by VHDA for a reservation of credits, the amount of such
reservation may differ significantly from the amount you compute below.
6. Equals Annual Tax Credit Required to Fund the Equity Gap $802,142
v1.1.2011 Page 26
Low-Income Housing Tax Credit Application For Reservation
F. Statement of Owner
1. that, to the best of its knowledge and belief, all factual information provided herein or in connection
herewith is true and correct, and all estimates are reasonable.
2. that it will at all times indemnify and hold harmless VHDA and its assigns against all losses, costs,
damages, VHDA's expenses, and liabilities of any nature directly or indirectly resulting from, arising out of,
or relating to VHDA's acceptance, consideration, approval, or disapproval of this reservation request and
the issuance or nonissuance of an allocation of credits, grants and/or loan funds in connection herewith.
3. that points will be assigned only for representations made herein for which satisfactory documentation is
submitted herewith and that no revised representations may be made in connection with this application
once the deadline for applications has passed.
4. that this application form, provided by VHDA to applicants for tax credits, including all sections herein
relative to basis, credit calculations, and determination of the amount of the credit necessary to make the
development financially feasible, is provided only for the convenience of VHDA in reviewing reservation
requests; that completion hereof in no way guarantees eligibility for the credits or ensures that the amount
of credits applied for has been computed in accordance with IRC requirements; and that any notations
herein describing IRC requirements are offered only as general guides and not as legal authority.
5. that the undersigned is responsible for ensuring that the proposed development will be comprised of
qualified low-income buildings and that it will in all respects satisfy all applicable requirements of federal
tax law and any other requirements imposed upon it by VHDA prior to allocation, should one be issued.
6. that, for the purposes of reviewing this application, VHDA is entitled to rely upon representations of the
undersigned as to the inclusion of costs in eligible basis and as to all of the figures and calculations relative
to the determination of qualified basis for the development as a whole and/or each building therein
individually as well as the amounts and types of credit applicable thereof, but that the issuance of a
reservation based on such representation in no way warrants their correctness or compliance with IRC
requirements.
7. that VHDA may request or require changes in the information submitted herewith, may substitute its own
figures which it deems reasonable for any or all figures provided herein by the undersigned and may reserve
credits, if any, in an amount significantly different from the amount requested.
8. that reservations of credits are not transferable without prior written approval by VHDA at its sole
discretion.
v1.1.2011 Page 27
Low-Income Housing Tax Credit Application For Reservation
9. that the requirements for applying for the credits and the terms of any reservation or allocation
thereof are subject to change at any time by federal or state law, federal, state or VHDA
regulations, or other binding authority.
10. that reservations may be made subject to certain conditions to be satisfied prior to allocation
and shall in all cases be contingent upon the receipt of a nonrefundable application fee of
$750 and a nonrefundable reservation fee equal to 7% of the annual credit amount reserved.
11. that a true, exact, and complete copy of this application, including all the supporting
documentation enclosed herewith, has been provided to the tax attorney who has provided the
required attorney's opinion accompanying this submission, and
12. that the applicant has provided a complete list of all residential real estate developments in
which the general partner(s) has (have) or had a controlling ownership interest and, in the
case of those projects allocated credits under Section 42 of the IRC, complete information on
the status of compliance with Section 42 and an explanation of any noncompliance. The
applicant hereby authorizes the Housing Credit Agencies of states in which these projects are
located to share compliance information with the Authority.
13. that the information in this application may be disseminated to others for purposes of
verification or other purposes consistent with the Virginia Freedom of Information Act.
However, all information will be maintained, used or disseminated in accordance with the
Government Data Collection and Dissemination Practices Act. The applicant may refuse to
supply the information requested, however, such refusal will result in VHDA's inability to
process the application. The original or copy of this application may be retained by VHDA,
even if tax credits are not allocated to the applicant.
In Witness Whereof, the undersigned, being authorized, has caused this document to be executed in its
name on this ~ day of rch ,2011.
vl.1.2011 Page 28
2011 LlHTC SELF SCORE SHEET:
his worksheet is intended to provide you with an estimate of your application score based on the selection criteria described in t
QAP. Most of the data used in the scoring process is automatically entered below as you fill in the application. Other items,
enoted below in the green shaded celis, are items that are typically evaluated by VHDA's staff during the application review an
easibility analysis. For purposes of self scoring, it will be necessary for you to make certain decisions and assumptions about you
pplication and enter the appropriate responses in the green shaded cells of this score sheet. All but two require yes/no responses,
:in which case enterY or N as appropriate. Item 2b pertaining to the Local CEO Letter will require one of the following responses: Y
'- the letter indicates unconditional support; N - the letter indicates opposition to the project; NC - no comment from the locality, 0
lany other response which is neither unconditional support nor opposition. Item 5e1 requires a numeric value to be entered. Pleas
remember that the score is only an estimate based on the selection criteria using the reservation application data and th
responses you've entered on this score sheet. VHDA reserves the right to change application data and/or score sheet response
here appropriate, which may change the final score.
1. READINESS:
a. Plan of development N oor40 0.00
b. Zoning approval
Y o or40 40.00
Total:
40.00
3. DEVELOPMENT CHARACTERISTICS:
a. Unit size (See calculations below) Up to 100 99.71
b. Amenities (See calculations below) Up to 70 50.87
c. Project subsidies/HUD 504 accessibility for 5 or 10% of units Y o or50 50.00
or d. HCV payment standard/HUD 504 accessibility for 5 or 10% of units N o or 30 0.00
or e. HUD 504 accessibility for 4% of units . N o or 15 0.00
f. Proximity to public transportation Y10 0, 10 or 20 10.00
g. Development will be Earthcraft or LEED certified 0,15,30,45 45.00
h. VHDA Certified Property Management Agent Y o or25
25.00
i. Units constructed to meet VHDA's Universal Design standards 10% Up to 15
1.50
j. Developments with less than 100 units
Up to 20
0.00
Total
282.09
5. SPONSOR CHARACTERISTICS:
a. Developer experience - 3 developments with 3 x units or 6 developments with 1 x units o or50 50.00
or b. Developer experience - 1 development with 1 x units o or 10 0.00
cvPr~t}pper experience uncorrected hazard o or -50
d. Developer experience - noncompliance a or -15 0.00
e1. Developer experience - did not build as represented a or-x 0.00
e2. Developer experience - termination of credits by VHDA a or -10 0.00
f. Management company rated unsatisfactory a or -25 0.00
Total 50.00
7. BONUS POINTS:
a. Units with rents at or below 40% of AMI 10% Up to 10 10.00
b. Units with rent and income at or below 50% of AMI 100% Up to 50 50.00
or c. Units with rents at or below 50% rented to tenants at or below 60% of AMI 100% Up to 25 0,00
or d. Units in Low Income Jurisdictions with rents <= 50% rented to tenants with <= 60% of AMI 100% Up to 50 0.00
e. Extended compliance 35 Years 40 or 50 50.00
or f. Nonprofit or LHA purchase option N a or 60 0.00
or g. Nonprofit or LHA Home Ownership option N o or5 0.00
Total 110.00
I
~I
High Sq.Ft. I BDRM 0 01 0
Low Sq.Ft. I BDRM a 0: 0
Project Sq.Ft. f BDRM I
0: 0 O! 0
Percentage of Units O.OO%! 0.00%
O.OO~I 0.00%
Points per Bedroom I 0.001 0.00 0.00 0.00
91~1
Project Sq.Ft.1 BDRM 767 1,209
01
Amenities:
vl.1.2011
$/SF = I $90.64 I CreditslSF = DrEJConst $/unit = $61,609
TYPE OF PROJECT
LOCATION
TYPE OF CONSTRUCTION
FAMILY = 11000; ELDERLY = 12000
BELT=100; NVM=110; NVNM=200; RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600
N C=l; ADPT=2;REHAB{35,000+)=3; REHAB'(15,000-35,OOO)=4
"REHABS LOCATED IN BELTWAY ($15,000-$50,000) See Below
ELDERLY
W 1000
300
3
II an ERROR message appears here check
spelling 01 Clerk's Office on pg 1. It must
match exactly with the Jurisdiction names
1:=~TER-(COSTS=>35,OOO) 0 0 0 0 0 0 0
ETER-(COSTS<35,OOO) 0 0 0 0 0 0 0
PARAMETER-(COSTS=>50.000) 0 0 0 0 0 a 0
PARAMETER-(COSTS<50.000) 0 0 0 0 0 0 0
COST PARAMETER 0 0 o· 0 0 0 0
PROJECT COST PER UNIT 0 0 0 0 0 0 0
PARAMETER-(CREDITS=>35,OOO) 0 0 0 0 0 0 0
PARAMETER-(CREDITS<35,OOO) 0 0 0 0 0 0 0
PARAMETER-(CREDITS=>50,OOO) 0 0 0 a 0 0 0
PARAMETER-(CREDITS<5O,OOO) 0 0 0 0 0 0 a
CREDIT PARAMETER 0 0 0 0 0 0 0
,PROJECT CREDIT PER UNIT 0
I
'COST PER UNIT POINTS
0
0.00
0
0.00
0
0.00
0
0.00
0
0.00 0.00
°
0.00
iCREDIT PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
II FAMILY
3 BR·TH 4BR·TH
~~~~~~~T(
EFF-G 1 BR-G 2BR-G 3 BR-G 4BR-G 2 BR-TH
0 767 919 1,209 0 996 1,171 1,412
SIZE
OF UNITS 0 60 4
12 6 2 0 16
PARAMETER-(COSTS=>5O,000) 0
0
157,640
0
204,772 239,306
0
a 192,445
°
226,658 239,302
PARAMETER-(COSTS<50,OOO) 0 0 0 0 0 0 0 0
ICOST PER UNIT POIIllTS 0.00 5.04 2.67 0,81 0.00 23.89. S.311 1,40
ICREDIT PER UNIT POINTS 0.00 7,78 4.42 1.21 0.00 39.42 10,55 1.99
vI. 1.201)
TAB A
(Location Map)
Oakmeade Apartments Location Map
POWHAT
:;
15
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mapping and direction data © 2008 NAVTEQ. All rights reserved. The Data for areas of Canada includes information taken with permission from Canadian authorities, including: © Her Majesty the in Right of Canada, © Queen's Prinlerfor
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rights reserved,
Oakmeade Apartments Location Map
======~
~u~
Copyright © and (P) 1988-2008 Microsoft Corporation and/or its suppliers. All rights reserved. http://www.microsofl.comlstreetsl
Certain mapping and direction data © 2008 NAVTEQ. All rights reserved. The Data for areas of Canada includes information tak the of Canada, © Queen's Printer for
Ontario. NAVTEQ and NAVTEQ ON BOARD are trademarks of NAVTEQ. @2008 Tele Atlas North America, Inc. All rights reserved. Inc. Geographic Systems. All
rights reserved.
TABA.2
----------~-------------------------
Name of Owner: Oakmeade Associates. L.P.
Gentlemen:
This letter is submitted to you in support of the Owner's Application for Reservation
of Low Income Housing Tax Credits under Section 42 of the Intemal Revenue Code of
1986. as amended.
Based upon due investigation of -the site and any other matters as it deemed
necessary this firm certifies that: the main street boundary entrance to the property is
within:
1.320 feet or % mile of the nearest access point to an existing public bus
stop.
dated as of
February 25,2010
# 12'lO8672.1
AGREEMENT OF LIMITED PARTNERSHIP
OF
1. THE PARTNERSHIP
e. Term. The term of the Partnership commenced on the date that the
certificate of limited partnership (the "Certificate") of the Partnership
was/is filed in the office of the State Corporation Commission of the
Commonwealth of Virginia, in accordance with the Act and shall continue
until the winding up and liquidation of the Partnership.
f. Filings.
# 12908672.1
-2
i. The General Partner has caused the Certificate to be filed in
the appropriate offices of the Commonwealth of Virginia in
accordance with the provisions of the Act. The General
Partner shall take any and all other actions reasonably
necessary to perfect and maintain the status of the
Partnership as a limited partnership under the laws of the
Commonwealth of Virginia or similar type of entity under
the laws of any other states or jurisdictions in which the
Partnership may engage in business. The General Partner
shall cause amendments to the Certificate to be filed
whenever required by the Act. Such amendments may be
executed by the General Partner or by any person
designated in the amendment as a new General Partner.
2. DEFINITIONS
As used in this Agreement, the following· terms shalI have the following
meanings:
#12908672.1
-3
beginning Gross Asset Value as the federal income tax depreciation,
amortization, or other cost recovery deduction for such Fiscal Year or
other period bears to such beginning adjusted tax basis. In the event that
the federal income tax depreciation, amortization, or other cost recovery
deduction is zero, Depreciation shall be determined with reference to such
beginning Gross Asset Value using any reasonable method.
k. Net Cash Flow means, for each Fiscal Year, the Partnership's
Profits (for this purpose any Losses shall be treated as negative Profits),
adjusted as follows:
# 12908672.1
-4
(a) All expenditures which are not deducted in
determining Profits (such as expenditures for capital
improvements, asset acquisitions, and loan
repayments).
p. Profits and Losses means, for each fiscal year or other period, an
amount equal to the Partnership'S taxable income or loss for such year or
period, determined in accordance with Section 703(a) of the Code (for this
purpose, all items of income, gain, loss, or deduction required to be stated
separately pursuant to Section 703(a)(I) of the Code shall be included in
taxable iocome or loss), with the following adjustments:
# 12908672, l
-5
III. In lieu of the depreciation, amortization, and other cost
recovery deductions taken into account in computing
taxable income or .loss, there shall be taken into account
Depreciation for such fiscal year or other period.
3. CAPITAL CONTRIBUTIONS
4. CAPITAL ACCOUNTS
5. ALLOCATIONS
6. DISTRIBUTIONS
#12908672.1
-6
the General Partner, in its sole discretion, shall determine and agree, in
accordance with the Partners' Percentage Interests. Any distribution made
pursuant to this Section 6 shall be to all Partners in accordance with each
Partner's Percentage Interest as it exists on the date of such distribution.
# 12908672. I
-7
IV. The balance of the proceeds, if any, to be distributed on or
before the later of (i) the end of the taxable year during
which such liquidation occurs or (ii) ninety (90) days after
the date of such liquidation, in accordance with the positive
Capital Account balances of the Partners, as determined
after taking into account all Capital Account adjustments
required by Treasury Regulation § 1.704-1 (b) for the
taxable year of the Partnership in which such liquidation
occurs.
7. MANAGEMENT
-8
vii. To pay with Partnership funds any and all fees and
expenses incurred in the organization of the Partnership;
# 12<)()8672.1
-9
c. Right to Rely on General Partner. Any Person dealing with the
Partnership may rely upon a certificate signed by the General Partner as to
any of the following:
III. The Persons who are authorized to execute and deliver any
instrument or document of the Partnership.
# 12908672.1
-10
f. Indemnification of General Partner. The Partnership, its receiver,
or its trustee shall indemnify, save harmless, and pay all judgments and
claims against any General Partner or any officers, members or directors
of such General Partner relating to any liability' or damage incurred by
reason of any act performed or omitted to be performed by such General
Partner, or officer or director of such General Partner in connection with
the business of the Partnership, including attorney fees incurred by such
General Partner, or officer or director of such General Partner in
connection with the defense of any action based on any such act or
omission, which attorney fees may be paid as incurred, including all such
liabilities under federal and state securities laws (including the Securities
Act of 1933, as amended) as permitted by law.
a. Voting Rights. The Limited Partner shall have the right to vote on
the matters explicitly set forth in this Agreement as requiring the vote or
consent of the Limited Partner.
#12908672.1
-11
might or could do personally, and hereby ratifying and confirming all that
any such attorney-in-fact shall lawfully do or cause to be done by virtue
thereof or hereof.
#12908672.1
-12
b. Notwithstanding. Notwithstanding Section 12 hereof, this
Agreement may be amended by the General Partner, without the consent
of the Limited Partner: (a) to add to the representations, duties, or
obligations of the General Partner or surrender any right or power granted
to the General Partner herein for the benefit of the Limited Partner; and
(b) to cure any ambiguity, to correct or supplement any provision hereof
which may be inconsistent with any other provisions hereof, or to make
any other provision with respect to matters or questions arising under this
Agreement not inconsistent with the intent of this Agreement; provided
that no amendment shall be adopted pursuant to this Section unless the
adoption thereof is for the benefit of or not adverse to the Interests of the
Limited Partner.
13. MISCELLANEOUS
#12908672.1
-13
h. Sole and Absolute Discretion. Except as otherwise provided in
this Agreement, all actions which a .General Partner may take and all
determinations which General Partner may make pursuant to this
Agreement may be taken and made at the sole and absolute discretion of
such General Partner.
#12908~nl
-14
IN WITNESS WHEREOF. the parties have entered into this Agreement of
Limited Partnership on the day first set forth above,
LIMITED PARTNER:
-15
SCHEDULE A
to
Of
#1 29()8672.I
-I Q
OWNERSHIP STRUCTURE CHART
OWNER
I I
/ /'
GENERAL PARTNER LIMITED PARTNER
investor entity)
99.99% of Owner
"
I ~
MANAGER MEMBER
Kevin Orth Thomas Dawson
70%ofGP 30%ofGP
TABe
"was tliis aay aamittea to recora in tliis office ana tfiat tfie saitf .
Eimitetf partnership is autliorizea to transact its 6usiness su6ject
to aC{ O/irginia Caws appCica6Ce to tlie Cimitedpartnersliip ana its
6usiness.
. CferFtofthe Commission
CISOJ28
TABD
INSTRUCTIONS:
--~~---------------------
This certification must be signed by an individual who is. or is authorized to act on behalf of the Controlling General
Partner (if LP) or Managing Member (if LLC) of the Applicant, as designated in the Application. VHDA will accept
an authorization document, which gives signatory authorization to sign on behalf of the principals.
2 Attach a resume for each principal of the general partnership (GP) or limited liability company (LLC) and an
3 A Schedule Ii. is required ror every individuo! that makes up the GP 01 Monoging Member - does not apply to
4 For each property listed as "non-compliance found." please attach a detailed explanation of the nature of the non
compliance. stating whether or not it has been resolved.
5 NEW! Ust only tax credit development experIence for the post 15 years (i.e. since 1996)
6 . The date of this certification must be no more than 30 days prior to submission of the Application.
DEFINITIONS:
For the purpose of this Certification. the following definitions shall apply:
Development shall mean the proposed multifamily rental housing development identified above.
Participants shall mean the principals who will participate in the ownership of the development.
Principal shall mean any person (including any individual. joint venture, partnership. limited liability company.
corporation. nonprofit organization. trust, or any other public or private entity) that (i) with respect to the proposed
development, will own or partiCipate in the ownership of the proposed development or (ii) with respect to an existing
multifamily rental project. has owned or participated in the ownership of such project. all as more fully described
hereinbelow. The person who is the owner of the proposed development or multifamily rental project is considered a
principal. In determining whether any other person is a principal. the following guidelines shall govern:
1. In the case of a partnership which is a principal (whether as the owner or otherwise). all general partners are also
considered principals. regardless of the percentage interest of the general partner;
2. In the case of a public or private corporation or organization or govemmental entity that is a principal (whether as
the owner or otherwise). principals also include the pre.,iden!. vice president. secretary. and treasurer and other
officers who are directly responsible to the board of directors or any equivalent governing body. as well as all
directors or other members of the governing body and any stockholder having a 25% or more interest;
3. In the case of a limited liability company (LLC) that is a principal (whether as the owner or otherwise). all members
are also considered prinCipals. regardless of .the percentage interest of the member;
4. In the case of a trust that is a principal (whether as the owner or otherwise), all persons having a 25% or more
beneficial ownership interest in the assets of such trust;
5. In the case of any other person that is a principal (whether as the owner or othel'oNise). all persons having a 25% or
more ownership interest in such other person are also considered principals; and
6. Any person that directly or indirectly controls. or has the power to control, a principal shall also be considered a
principal.
CERTIFICATIONS:
I hereby certify that all the statements made by me are true, complete and correct to the best of my knowledge and
belief and are made in good faith, including the data contained in Schedule A and any statements attached to this
certification.
1. I further certify that for the period beginning 10 years prior to the date of this Certification:
a. During any time that any of the participants were principals in any multifamily rental project no project has been
foreclosed upon, in default or assigned to the mortgage insurer (governmental or private); nor has mortgage relief
by the mortgagee been given;
b. During any time that any of the participants were principals in any multifamily rental project. there has not been
any breach by the owner of any agreements relating to the construction or rehabilitation, use, operation,
c. Dur'ng ony time thor any of the participants were principals on)! muitifamil)! renter project, said principals were
required to in a property to the investor or required by ttle investor to m(JKe 0 cash infusion;
d. To the best of my knowledge, there are no unresolved findings raised as a result of state or federal audits,
management reviews or other governmental investigations concerning any multifamily rental project in which any
of the participants were principals;
e. During any time that any of the participants were principals in any multifamily rental project. there has not been a
suspension or terminotion of payments under any state or federal assistance contract for the project;
f. None of the participants has been convicted of a felony and is not presently, to my knowledge, the subject of a
complaint or indictment charging a felony. A felony is defined as any offense punishable by imprisonment for a
term exceeding one year, but does not include any offense classified as a misdemeanor under the laws of a state
and punishable by imprisonment of two years or less;
g. None of the participants has been suspended, debarred or otherwise restricted by any federal or state
g()'/ernmental enny from doing business with such governmental entity; and
h. None of the participants has defaulted on an obligation covered by 0 surety or performance bond and has not
2. I further certify that none of the participants is a Virginia Housing Development Authority IVHDA) employee or a
member of the immediate household of any of its employees.
3. I further certify that none of the participants is participating in the ownership of a multifamily rental housing project
as of this date on which construction has stopped for a period in excess of 20 days or (in the case of a multifamily
rental housing project assisted by any federal or state governmental entity) which has been substantially
completed for more than 90 days but for which requisite documents for closing, such as the final cost certification,
have not been filed with such governmental entity.
4. I further certify that none of the participants has been found by any federal or state governmental entity or court to
be in noncompliance with any applicable civil rights, equal employment opportunity or fair housing laws or
regulations.
5. I further certify that none of the participants was a principal in any multifamily rental project which has been found
by any federal or state governmental entity or court to have failed to comply with Section 42 of the Internal
Revenue Code of 1986, as amended, during the period of time in which the participant was a principal in such
project.
6. Statements above (if any) to which I cannot certity have been deleted by striking through the words. In the case
of any such deletion, I have attached a true and accurate statement to explain the relevant facts and
circumstances. .
. 10
"hZ"
i ormation about properties which have been found to be out of compliance or any material mis
Printed Name
Date (date must be no more than 30 days prior to submission of the Application]
Schedule A: List of All Tax Credit Developments lor Each Principal to this Certification
Complete the following, using separate pagers) as needed, for each principal. List Q]j developments that have
received aliocations of tax credits under Section 42 of the IRC.
KevinOrth Controlling G. P. of Proposed Project? -'--,.,..--,.,.-_
Principal's Name:
Controlling Non-
General Total Total Low compliance
Name of Ownership Entity Partner? Dev. Income Placed in 8609(5) Issue Found? YIN
Development Name/Location and Phone Numb.er (Y/N) Units Units Service Date Date (Explain Yes)
Brent Village / Bellevue, BV Associates, LLC / 401- Y 180 152
NE 553-2002 7/2/2002 5/1/2004 Y (1)
~v;uagel
2 Newbridge Associates, LLC Y 152 152
Richmond, V A /401-553-2002 9/23/2003 2/1/2005 Y (2)
3 or Gardens/ Cold Harbor Associates, 140
icsville, VA LLC /401-553-2002 2/25/2005 10/1/2006 Y (3)
4 Oakland Village I Oakland Village Y 100 100
Richmond, VA Associates, LLC I 40 1-553-
2002 2/25/2005 4/2/2007 N
5 Chippenham Place / Chippenham Place Y 144 144
Richmond, VA Associates, L.P. I 401-553-
2002 10/4/2007 612/2009 N
6 Twin Canal Village I Virginia Twin Canal Associates, L.P. Y 300 300 Not applied
Beach,VA 1401-553-2002 for yet
1/14/2010 N
7 Coventry Gardens I Coventry Gardens Y 176 176 Under
Richmond, V A Associates, LP I renovation
401-553-2002 3/31/2010 N
8
9
10
11
12
13
14
15
16 -
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35 i
36
37
38
39
40
41
42
43
44
45
lIHTC as '7001
1st PAGE TOTAL: 1,208 1,164 96% Total Units
Explanation of Noncompliance
1. Corrected noncompliance 8823s were issued by the Nebraska Investment Finance Authority in December 2004,
March 2006, April 2007, December 2007, November 2008, October 2009 and July 2010.
2. Corrected noncompliance 8823s were issued by the Virginia Housing Development Authority in May 2006, April 2007
and March 2009.
3. Corrected noncompliance 8823s were issued by the Virginia Housing Development Authority in August 2008,
Schedule A: List of All Tax Credit Developments for Each Principal to this Certification
Complete the following, using separate pagers} as needed, for each principal. List Qll developments that have
Principal's Name:'_-,-T_ho--,m--,-,-a_s..; .D. . ;.a-'-w--'s. . ;.o. . ;.n_ _ _ _ _ _ _ __ Controlling G. P. of Proposed Project (Y or N): _Y_ _ __
-~. .- .. ._.
Controlling
General
Low Placed in
Noncompliance
Name of Ownership Entity
Partner
Total Income Service
8609 Found? YIN
Development Name/Location and Phone Number
YIN
Units Units Date
Date (Explain Yes)
Pier Park Pier Park Residences, L.P.
N
164 164 Oct-97
6-98 N
Portland, OR (415) 332-8393 x15
Liberty Village Atchison Village N
100 100 Jul-98
11-6-00 N
(aka Atchison Village) Associates, L.P.
RichmoBd, CA (415) 332-8393 x15
. _. . . ._.
Hayward, CA
--~.
Rancho Cordova, CA
~-.
(415) 332-8: ._.
Sacramento, CA Associates, L. P.
(415) 332-8393 x15
Arbor Square I\lH"valli Hi Associates, L.P. N 125 125 Dec-01 Oct-03 N
aka Valli Hi) (415) 332-8393 x15 _~_. c....~.,.~_.
------ ~----
Bryte Gardens Bryte Avenue Associates, N 108 100 Apr-02 Jan-04 Y (6)
West Sacramento, CA L.P.
(415) 332-8393 x15
Heritage Plaza
HP Heritage Plaza N 180 145 10-02 Mar-05 N
Redding, CA
Associates, L.P.
---
H15) 332-8393 x.11 ----------- -----
Brent Village
BV Associates, LLC Y 180 152 Jul-02 May-04 Y (1)
Bellevue, NE
401-553-2002
Newbridge Village
Newbridge Associates, LLC Y 152 152 Sep-03 Feb-05 Y (2)
~ichmond, VA 401-553-2002
---- ---- -- ,------ ---
Cold Harbor Gardens Cold Harbor Associates, Y 156 140 Feb-05 Oct-06 Y (3)
IMechanicsville, VA LLC
401-553-2002 ------ - c----- ------ - -
Oakland Village
Oakland Village Associates, Y 100 100 Feb-05 Apr-07 N
Richmond, VA
LLC'
401-553-2002
,-------- ---- ---- ---- c - - - - - - - - - ---
Unity Estates
DH I Unity Estates Y 88 84 Dec-05 Sep-06 Y (9)
Sanger, CA
Associates, L.P.
(415) 332-8393 x.15 ---
Tracy Village
DHI Tracy Village Y 72 71 Dec-05 Oct-06 N
Tracy, CA
Associates, L.P.
(415) 332-8393 x.15
College View
DHI College View Y 88 87 Dec-06 Jan -08 N
Marysville, CA
Associates, L. P.
(415) 332-8393 x 15
Rosswood Manor DHI Rosswood Manor Y 97 96 Dec-06 Jan -08 Y (7)
Sacramento, CA Associates, L.P.
(415) 332-8393 x.15 ------- ,-
Willow Tree DHI Willow Tree Y 108 106 Dec-06 Jan -08 N
Sacramento, CA Associates, L.P.
(415) 332-8393 x.15 ------
Yuba Gardens,
DHI Yuba Gardens Y
120 118 Dec-06 Jan -08 N
Marysville, CA
Associates, L.P.
(415) 332-8393 x.15
Chippenham Place Chippenham Place Y
144 144 Oct-07 Jun-09 N
Richmond, VA Associates, L.P.
401-553-2002 --- '--------"---
-
S iena Pointe DHI Park Hill Associates, Y 109 101 Dec 2007 Jun-09 N
Hayward, CA L.P.
------
(415) 332-8393 x.15
Tracy Garden Senior Village DHI Tracy Garden Y 88 88 Dec 2008 Sep-09 N
Tracy, CA Associates, L. P.
(415) 332-8393 x.15 ..... _.. ._--- ... ,--- ---------
Casa de Angelo DHI Cas a de Angelo Y 100 100 Dec 2009 Dec-10 N
S acramento, CA Associates, L.P.
(415) 332-8393 x.15 ------
Broadway Senior DHI Broadway Senior Y 120 120 Dec 2009 Dec-10 N
S acramento, CA Associates, L.P.
(415) 332-8393 x.15 ._----_. . ~ .. - ._--_ .. _ ..
T Nin Canal Village Twin Canal Associates, L.P. Y 300 300 Jan-10 Not yet N
V irginia Beach, VA 401-553-2002 applied
-------
for
C oventry Gardens Coventry Gardens Y 176 176 Mar-10 Not yet N
Richmond, VA Associates, L.P. applied
401-553-2002 for ---_.
4. Corrected noncompliance 8823 on one unit issued by the California Tax Credit Allocation Committee in Feb 2007.
5. Corrected noncompliance 8823 on one unit issued by the California Tax Credit Allocation Committee in Aug 2006,
corrected 8823 issued in Feb 2010 on one unit.
6. . Corrected noncompliance 8823 on one unit issued by the California Tax Credit Allocation Committee in Mar 2008.
7. Uncorrected noncompliance 8823s issued by the California Tax Credit Allocation Committee on two units in Feb
2009; Owner will not be taking credits on these two units whose households qualified under HUD guidelines and
cannot be noticed to move.
8. Corrected 8823s issued in Oct 2010 on 5 units.
9. Corrected 8823 issued in Aug 2010 on one unit.
Atlantic American Partners, ILC :: I Company Overview ICompany ... http://www.aap-llc.comlindex.php?overview
Home Company Overview Properties Executive Bios Acquisition Criteria References Contact Us
Company Overview
Since 1996, Atlantic American Partners, LLC and its western-U.S. affiliate, Pacific American
Properties, Inc., have developed thirty-five affordable apartment communities totaling
approximately 5,000 units in fifteen different markets across the country. The combined value of
these developments exceeds $250 million. The majority of these developments have involved
the acquisition and rehabilitation of existing properties, and the balance of the portfolio has
been created through the construction of new, affordable communities.
• Highly-experienced and entrepreneurial principals fully-engaged in all facets of the company's operations
• Strong relationships with the industry's leading investors and lenders
• Active in selected markets across a broad geographic area . .
• Specialized, affiliated general contracting company that has perfonned renovations on over 30,000 apartment units coast
to coast
With its nimble structure and broad experience, Atlantic American is able to respond quiCkly and successfully to opportunities
wherever they may arise. Through years of exclusive focus on the acquisition of existing properties with low to moderate income
residents, we have developed a nationally-recognized expertise in transactions involving HUD-insured and state agency loans
with and without IRP decouplings as well as project-based and tenant-based section 8 programs. Of course, we've also been
involved in numerous projects that were conventionally financed when we acquired them.
Atlantic American employs a clearly-defined strategy to acquire, rehabilitate and reposition properties. We carefully select our
projects, focus our resources intenSively on them and deliver on our promises. By dedicating significant attention to a project's
every detail, we minimize potential pitfalls. And if obstacles emerge, our large financial net worth and breadth of experience
enables us to overcome them where others cannot. We've. built strong relationships with brokers, lenders, investors and other key
professionals in our industry with our integrity and proven history of successful projects.
At Atlantic American, affordable housing is about more than bricks and mortar. We provide a
reasonably-priced, high-quality living environment with an emphasiS on personalized, professional
service. We are proud of the numerous supportive services that we have made available to our
residents and of the positive changes that have resulted in their lives.
.,.TO!"
Home Company Overview Properties Executive Bios Acquisition Criteria References Contact Us
Executive Bios
Atlantic American Partners, LLC is a privately-held company owned by Kevin Orth and Thomas Dawson.
Kevin Orth is a principal of Atlantic American partners, LLC with overall responsibility for the day-to-day
operation of the company. He leads AtlantiC American's acquisition activities and oversees asset
management of Atlantic American's current portfolio of affordable apartment communities.
Prior to forming AtlantiC American In 2001, Orth was Vice PreSident in charge of acquisitions for Padfic .
American Properties, Inc., which he joined in 1997. While at PaCific American, he directed all deal sourcing,
contract negotiatlons,Jeal estate due diligence, public finance application production and agency relations,
investor and lender relationships, property financing and clOSings.
Prior to joining Pacific American, Orth was an acquiSitions assodate at Leggat McCall Properties in Boston.
At Leggat McCall, he assisted in the acquisition of value-added commercial properties in the Boston to
Washington, DC corridor. He began his career in real estate in San FranCiSCO, as an investment analyst for
Colliers International, an international real estate brokerage firm.
Orth has a Master of City Planning degree, with a concentration in affordable housing, from the University of California, Berkeley.
He graduated summa cum laude with a Bachelor of Arts degree from the University of Maryland, College Park. He is a certified
National Affordable Housing Professional Executive, (NAHP-e).
Thomas Dawson
Thomas Dawson is a principal of Atlantic American Partners, LLC. Additionally, he is the founder and
general partner of Pacific American Properties and Precision General Commercial Contractors. As a general
partner he has developed over $250 million of apartments and as a general contractor he has completed the
rehabilitation and construction of approximately 32,000 units.
In addition to apartment construction and development, his professional experience includes project
development of restaurants, hotels, office buildings and housing totally over $250 million.
Thomas received his BA in Architecture from Pratt Inst,itute in New York City and received his license to
practice architecture in 1988.
"TQP
(Architect's Certification)
INSTRUCTIONS FOR THE COMPLETION OF
APPENDIX F
ARCHITECT'S CERTIFICATION
The proper completion of this certification is critical to calculate the average unit square
feet and net rentable square feet of each unit type, to document amenity items for which points
will be awarded, and to calculate certain elements of the efficient use of resources points.
If this certification is not completed correctly there may be loss of points or disqualification of the
application to compete for tax credits. If this development receives an allocation of tax credits and
items are not provided as indicated on this certification then VHDA may, at its sole option, require
the payment by the Owner of an amount up to 10% of the Total Development Cost (as set forth in
the Application) of the development as liquidated damages for such violation or the total loss of
credits may result. Therefore, it is imperative that this certification reflect the true and accurate intent
of what will be provided in return for an allocation of tax credits.
Each section of this certification contains instructions on how the information should be provided.
For Unit Size Calculations, the Average Unit Square Feet and Net Rentable Square Feet should be listed
to two (2) decimal places. The number of units indicated should be only the units for which rent will be
collected. For Average Unit Square Feet calculations, the Total Square Feet should equal the Average
Unit Square Feet multiplied by the Number of UnitsfType. The total at the bottom of the Total Square
Feet column should equal item (0) on the same page of the certification, or be within 1 digit due to
rounding. The total at the bottom of the Number of UnitsfType column should equal the number of units
in the tax credit application.
Accessibility certifications on page 8 are for tax credit point categories only and are not to be
confused with minimum code requirements.
The architect signing this document is certifying that all unit and site amenities indicated in this
certification are incorporated into the development plans and specifications and unit-by-unit work
write-up, and that all products necessary to fulfill these representations are available for these purposes.
The individual who certifies this information must initial the pages where indicated, provide
the personal information requested and sign on the last page. This certification should not be
mailed separately to VHDA but returned to the developer for inclusion in the tax credit application.
Acknowledged:
v1.1.2011
Cox, Kliewer &
The above-referenced Owner has asked our office to provide this certification regarding 0)
plans and specifications, (ii) the development square footages, average unit square footages and net rental square
footages, (iii) the amenities the development will have upon completion, and (iv) federal and state requirements
pertaining to development accessibility for persons with disabilities. This certification is rendered solely for the
confirmation of these items. It is understood it will be used by the Virginia Housing Development Authority solely
for the purpose of determining whether the Development qualifies for points available under VHDA's Qualified
Allocation Plan for housing tax credits and future consequences for failure to provide items certified below.
Required documentation for all properties (new construction, rehabilitation and adaptive reuse)
1 A location map with property clearly defined.
2 Sketch plan of the site showing overall dimensions of main building(s), major site elements
(e.g., parking lots and location of existing utilities, and water, sewer, electric,
gas in the streets adjacent to the site). Contour lines and elevations are not required.
3 Sketch plans of main buiJding(s) reflecting overall dimensions of:
a. Typical floor plan(s) showing apartment types and placement
b. Ground floor plan(s) showing common areas;
c. Sketch floor plan(s) of typical dwelling unites);
d. Typical wall section(s) showing footing, foundation, wall and floor structure.
Notes must indicate basic materials in structure, floor and exterior finish.
v1.1.2011 2
ARCHITECT'S CERTIFICATION, continued
1. Average Unit Square Feet: (These measurements impact the scoring of tax credit applications)
For purposes of determining the usable residential heated square feet, the building(s) were measured from the
outside face of exterior walls and the centerline of any party walls. All unheated spaces and stairwells
which are no more than heated breezeways and nonreSidential, income producing commercial spaces were
subtracted from this measurement. Community rooms, laundry rooms, property management offices and
apartments, heated maintenance facilities, and other common space designed to serve residential tenants were
not deducted. Based on this procedure, I certify the following calculations in determining the usable heated
square feet for the above referenced development:
101,268.00 (A) Total floor area in (sq. ft.) for the entire development
0.00 (B) Unheated floor area (breezeways, balconies, storage)
0.00 (C) Nonresidential, commercial (income producing) area
101,268.00 (D) Total usable residential heated area (sq. ft.) for the development
v1.1.2011 3
ARCHITECT'S CERTIFICATION, continued
Percentage of Net Rentable Square Feet Deemed To Be New Rental Space 12.55%
v1.1.2011 4
(Net Rentable Square Feet continued)
Total: 91,895.23
v1.1.2011 5
ARCHITECT'S CERTIFICATION, continued
Development Amenities:
I certify that the development's plans and specifications, work write-up, and proposed budget
incorporate all items from VHDA's most current Minimum Design and Construction Requirements.
In the event the plans and specifications and/or work write-up do not include VHDA Minimum Design
and Construction Requirements, then those requirements still must be met, even though the application
is accepted for credits. Please note that this may cause the Application to be ineligible for credits.
The Requirements apply to any new, adaptive reuse or rehabilitated development
(including those serving elderly and/or physically disabled households).
The Minimum Design & Construction Requirements may be found on VHDA's website at
www.vhda.com.
3.03 % a.(l) Percentage of 2 bedroom units that will have 1.5 or more bathrooms
36.36 % a.(2) Percentage of 3 or more bedroom units that will have 2 or more bathrooms
b. The development will have a community/meeting room with a minimum of 749 square feet.
50.84 % c. Percentage of exterior waJls covered by brick (excluding triangular gable end area,
doors windows and retaining walls)
d. All kitchen and laundry appliances meet the EPA's Energy Star qualified program
requirements
e. All windows meet the EPA's Energy Star qualified program requirements
f. Every unit in the development is heated and cooled with either (i) heat pump equipment with
both a SEER rating of 15.0 or more and a HSPF rating of 8.5 or more, or Oi) air conditioning
equipment with a SEER rating of 15.0 or more, combined with gas furnaces with an AFUE
rating of 90% or more
g. Water expense will be sub-metered (tenant will pay monthly or bi-monthly bill)
h. Each bathroom consists only of low-flow faucets (2.2 gpm maximum) and
i. Provide necessary infrastructure in all units for high speed cable, DSL or
j. All water heaters will meet the EPA's Energy Star qualified program requirements.
k. Every unit in the development will be heated and cooled with a geothermal heat pump that meets the
EPA's Energy Star qualified program requirements
D I. The development will have a solar electric system that will remain unshaded year round, be oriented
to with 15 degrees of true south, and be angled horizontally within 15 degrees of latitude
Expected Total Electrical Load (kilowatt hours per month): 0
Initials JLJ!.£(.....£,~~_....
v1.1.2011 6
ARCHITECT'S CERTIFICATION, continued
For all developments exclusively serving elderly and/or handicapped tenants, upon completion of
construction/rehabilitation: (non-mandatory amenities)
For all rehabilitation and adaptive reuse developments, upon completion of construction/ rehabilitation:
(non-mandatory)
Interior as being of historical Significance to the district, and the rehabilitation will
credits
Building Structure:
Number of Stories
[gj Low-Rise (' -5 stories with any structural elements being wood frame construction)
o Mid-Rise (5-7 stories with no structural elements being wood frame construction)
o High-Rise (8 or more stories with no structural elements being wood frame construction)
Initia",1''-''''''--'''''--1---
v1.1.2011 7
ARCHITECT'S CERTIFICATION, continued
Accessibility:
I certify that the development plans and specifications meet all requirements of the federal
Americans With Disabilities Act.
I certify that the development plans and specifications meet all requirements of HUD regulations
interpreting the accessibility requirements of section 504 of the Rehabilitation Act. Please reference
Uniform Federal Accessibility Standards (UFAS) for more particular information.
cg] For any non-elderly property, or any elderly rehab property, in which the greater of 5 or 10% of the units will
be subject to federal project-based rent subsidies or equivalent assistance in order to ensure occupancy by
extremely low-income persons; and (ii) the greater of 5 or 10% of the units will conform to HUD regulations
interpreting accessibility requirements of section 504 of the Rehabilitation Act and be actively marketed to
people with special needs in accordance with a plan submitted as part of the Application for credits. (All of
the units described in (ii) above must include roll-in showers, roll under sinks and front controls for ranges,
unless agreed to by the Authority prior to the applicant's submission of its application.) 50 pts.
D For any non-elderly property, or any elderly rehab property, in which the greater of 5 or 10% of the units
(i) have rents within HUD's Housing Choice Voucher ("HCV") payment standard; (ii) conform to HUD
regulations interpreting accessibility requirements of section 504 of the Rehabilitation Act; and (iii) are
actively marketed to people with mobility impairments, including HCV holders, in accordance with a plan
submitted as part the Application. 30 pts.
D For any non-elderly property, or any elderly rehab property, in which at least four percent (4%) of the units
conform to HUD regulations interpreting accessibility requirements of section 504 of the Rehabilitation Act
and are actively marketed to people with mobility impairments in accordance with a plan submitted as part of
the Application. 15 pts.
As architect of record for the above referenced development, the above certifications are
Signed:
Printed Name:
Title: Principal
Phone:
(757) 431-0033
Date:
Return this certification on Architect's Letterhead to the developer for inclusion in the
tax credit application package.
v1.1.2011 8
.......
--VHDA
Appendix F - VHDA's Universal Design Standards Certification
~ Units
in the development will meet VHDA's Universal Design Standards.
Before issuance of IRS Form 8609, applicant will provide documentation to VHDA as
evidence that such units meet VHDA's Universal Design standards.
NOTE: For Elderly Developments, 100% of the units in the development must meet the
Universal Design standards in order to qualify for points.
For the tax credit applicant to qualify for points associated with Universal Design,
the architect of record must on VHDA's list of Universal Design certified architects.
v1.1.2011 9
Appendix F - EarthCraft or LEED Certification of Development
* Earthcraft Certification - The development's design meets the criteria for EarthCraft
certification. Architect understands that before issuance of IRS Form 8609, applicant will obtain
and provide Earthcraft Certification to VHDA.
n !\lew Construction - , 5% more energy efficient than the 2004 International Energy Conservation Code
n New Construction - 20% more energy efficient than the 2004 International Energy Conservation Code
o New Construction - 25% more energy efficient than the 2004 International Energy Conservation Code
o Rehab - 30% more energy efficient post-rehabilitation as measured by Earthcraft
o Rehab - 40% more energy efficient post-rehabilitation as measured by Earthcraft
LEED Certification - The development's design meets the criteria for the U.S.
Green Building Council LEED green building certification. Architect understands that before
issuance of IRS Form 8609, applicant will obtain and provide LEED Certification to VHDA.
* NOTE 1: Applicants seeking Earthcraft certification MUST attach the completed and
submit it with the tax credit application. This form can be found on the
following page
NOTE 2: For the tax credit applicant to qualify for pOints associated with this section, the
architect of record must be on VHDA's list of attendees of the Multifamily
Professional Training conducted by Earthcraft Virginia.
Signed:
Printed Name:
Architect of Record
(same individual as on page 8)
Date: $
v1.1.2011 10
Appendix F - EarthCraft Acknowledgement
An Earthcraft representative has met with the development's design team and has reviewed the follmving:
I. A set of plans, induding all architectural, mechanical and plumbing plans (renovation projects require the
development's pre- and post-renovation plans)
2. Construction Specification Sheet(s) (renovation projects require both an existing conditions spec sheet and
a proposed scope of work spec sheet)
3. Project Information Sheet
Based on review of the above, Earthcraft agrees that the development can attain the following
level of energy efficiency:
New Construction - Based on the 2004 International Energy Conservation Code (IECC).
Signed:
Printed Name:
.>
Earthcraft Reprellentative
Date:
v1.1.2011 11
TABG
1) Contact Information
Owner/Developer
Name Oakmeade Associates, L.P.
Contact Person Kevin Orth
Address 269 South Main Street, Suite E
Providence, RI 02903
Phone 401-553-2002
Management Company
Name F&W Management Corporation
Contact Person Sherry Milliron
Address PO Box 20809
Roanoke, VA 24018
Phone 540-774-1641
Interiors will also be significantly improved with such items as new kitchen and
bathroom cabinetry and countertops, installation of dishwashers and appliances, drywall
repairs and painting. Floor and bathtub replacements will also be done in selected units.
Many of the 2-bedroom apartments will be enlarged with a living room addition. And, ten
apartments will be modified to meet the needs of disabled residents.
It is anticipated that the entire renovation project will take approximately fifteen months.
The apartments will need to be vacant while they are under construction. The following is
the estimated construction timetable:
Construction crews will be responsible for maintaining a clean, safe site as they perform
their work. Construction work, particularly that which is loud or disturbing, will be
scheduled between 8AM-5PM and ample notice will be provided to all residents prior to
doing any work that requires access to their unit or otherwise affects them.
We will work to ensure that the renovation of the property causes as little inconvenience
to each resident as possible and are confident that each resident will be very happy with
the new Oakmeade.
The property will contract with and pay for a 3 rd party moving company to move each
resident. Property management has recent, successful experience in working with a local
move company to provide th!S service. The property will provide, free of charge to
residents, boxes and other moving supplies for residents' use. Utility transfer/connection
fees, totaling $95 per apartment ($15 for electric, $35 for gas and $45 for telephone) will
need to be paid by each resident directly to the appropriate utility company. These costs
will be reimbursed by the property upon a resident providing proof of payment to the
Move Coordinator.
TABH
If you have any questions, please call Jim Chandler at VHDA (804) 343-5786.
General Instructions .
1. This PHA or Section Notification letter must be included with the application.
3. 'Proposed Improvements' should correspond with I.B & D and III.A of the Application.
6. NOTE: Any change to this form letter may result in a redudion of points under the
scoring system.
PHA or Section 8 Notification Letter
I would like to take this opportunity to notify you of a proposed affordable housing
development to be completed in your jurisdiction. We are in the process of applying for
federal low-income housing tax credits from the Virginia Housing Development Authority
[VHDA). We expect to make a representation in that application that we will give leasing
preference to households on the local PHA or Section 8 waiting list. Units are expected to be
completed and available for occupancy beginning on November 1,2011 (date).
Development Address:
300 Airport Place
Richmond, VA 23075
Proposed Improvements:
Proposed Rents:
o Efficiencies: $ _ _ _ _ _ / month
If you have any questions about the proposed development, please call me at (401)
553-2002.
Please acknowledge receipt of this letter by signing below and returning it to me.
Kevin Qrth
Manager of General Partner
Title: ______.____________________
Phone: ______________________
Date:
-------------
Kevin Orth
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To: korth@aap-lIc.com
Subject: FedEx Shipment 796827202480 Delivered
Our records indicate that the following shipment has been delivered:
Number of
1. 00 lb.
Shipper Information
Recipient Information
KEVIN ORTH
Sharon Valentine
Atlantic American Partners, LLC
Ric~~ond Redevelopment & Hsg. Auth.
269 South Main Street
918 CHAMBERLAYNE ?KWY
Suite E
RICHMOND
Providence
VA
RI
US
US
23220
02903
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1
TABK
WITNESSETH:
WBE:REAS, Seller and Purchaser entered into a Purchase and Sale Agreement dated as of
March 8, 2010 fQr the purchase by, Pu1'Chaser from Seller of that certain aparnnent property
k;n()wn as ~eade Apartments (tile ftCOIltra.ct~t); and .
WHEREAS, the pa.rti= bereto have agreed to amend the Contract as provided herein..
NOW? TBEREFORE, for and in considemuoo of these pI'enrlses and. other good and valuable
considerations. the reCeipt and sufficiency ofwbioh are hexeby ackt':l.¢wledged. the parties beteby
agree as follows:
2•. MlKeIlaneons. All of the terms and conditions of the Contract not Qtb.erwise
modified or amend.ed henlin are :nro.£ied and confirmed.
, IN:WITNESS WHEREOF, the parties hereto have ~ecuted this First Amendment to property
Purchase and Sale Agreement as ofthe day and year written above.
BUYER: Oaknleade Assoeiat~ __
By:
Its:
l:OO/(;OO'd SlOO#
le:eo 6~O~/90/oL
PROPERTY PURCHASE AND SALE AGREEMENT
RECITALS:
WHEREAS, tbe Project is also subject to a Plan ofAction, dated May 1995,
between HLJD and SeHer (the "Plan of Action").
\VHEREAS, the Project is also subject to a t>tl mortgage loan in the approximate
amount of$935,OOO.Buyer shaH elect to either assume or have SeHer pay off the existing
mortgage loan at closing. If the loan is assumed by Buyer, the cash portion of the Purchase Price
shall be reduced by the amount ofthe assumed loan. If the loan is not assumed by Buyer, then
Seller shall be responsible for paying offthe loan and any and all costs associated with its
prepayment.
WHEREAS. the Project is also the subject afthat certain Housing Assistance
Payments Preservation Renewal Contract dated July 1,2009, section 8 project number VA36
MOOO-200, between the SeHer ~d HUn, expiring on June 30, 2010 (the "HAP Contract").
NOW THEREFORE, for good and valuable consideration the receipt and
adequacy of which is hereby acknowledged, the parties hereto agree as follows:
1. Purchase aDd Sale of tbe Project. Seller hereby agrees to seU and
convey to Purchaser or its assignee or nominee, and Purchaser hereby agrees to purchase from
Seller, upon the terms and conditions set forth in the Agreement, alJ right, title and interest of
Seller in and to the tollowing:
The term "Project" as used herein means the aggregate of the Real Property, the
Personal Property and the Intangible Property.
3. Deposit. Within five (5) days from the date of execution of this
Agreement by all parties hereto, Purchaser shall deposit Fifty-Five Thousand and noll 00 Dollars
($55,000.00), as good faith deposit, in an interest bearing escrow account (together with interest
thereon, the --Deposit") with First American Title Insurance Company (the '-Escrow Agent")
which shall either be applied by Purchaser toward the payment ofthe Purchase Price, returned to
the Purchaser, or paid to Seller ?S provided in this Agreement. The Deposit shall become
-2
nonrefundable and applied by Purchaser toward the payment ofthe Purchase Price following the
Purchaser's delivery to Seller of the Inspection Approval Notice as described in paragraph 4(c),
the Finance Contingency Approval Notice as described in paragraph 6(b) and the HUD
Approvals Notice as described in paragraph 6(c). The Purchaser shall make an additional deposit
of Twenty-Five Thousand and noll 00 Dollars ($25,000.00) with the Escrow Agent ("Additional
Deposit") immediately upon exercising its option for the Closing Date Extension as defined in
paragraph 7. The Additional Deposit is non refundable and shall be applied to the purchase price
at Closing.
4. Inspection Period. Seller agrees that no later than five (5) business days
from the date of Seller's execution of this Agreement, Seller shall deliver to Purchaser the
materials and information concerning the Project identified on Exhibit B (collectively, "Due
Diligence Materials"). During the forty-five (45) day period beginning from the Effective Date
(the "Inspection Period"), the Purchaser shall have an opportunity to review the Due Diligence
Materials and to physically inspect the Project. During the Inspection Period, Seller shall, within
five (5) business days of receiving a request from Purchaser, provide Purchaser such other
information and documents, not identified on Exhibit B, as Purchaser may reasonably request in
connection with its due diligence review. The following activities shall be conducted by the
Purchaser, with the cooperation ofthe Seller, during the Inspection Period:
-3
and inspection ofthe physical condition of all portions ofthe Project, including without
limitation, access to the books and records ofthe Project. Purchaser shall also have access to the
Project for the purpose of posting notices on doors ofresidential units, or otherwise notifYing or
meeting with tenants, provided that Purchaser shall first submit such notices to Seller for Seller's
approval, which will be provided within one business day of Purchaser's submission, and which
shall not be unreasonably withheld. Purchaser acknowledges that it shall be required to give
notice to the Seller at least one business day prior to making inspections ofthe Project; provided,
however, that such inspections shall be subject to any prior notice period required under the
terms of the individual tenant leases; and Purchaser shall be liable to Seller for any damages or
costs incurred which caused by Purchaser as a result of such inspections, except as provided
below. Purchaser agrees to indemnifY and hold Seller harmless from and against any cost, claim,
charge or liability including attorney fees asserted or occasioned by activity on or about the
Project by Purchaser or any of its agents or representatives, except as to any claim arising out of
the Seller's sole negligence.
5. Interim Action. The following shall apply with respect to the period
from the Effective Date until the Closing Date:
a) Leases. Seller shall not, without the prior consent of Purchaser in each
instance (such consent not to be unreasonably withheld or delayed), (i) amend or, except for
material breach, including non-payment ofrent or other sums due, terminate any lease, tenancy,
license or other right of occupancy or use for any portion of the Project or any assignment or
sublet thereunder (collectively, "Leases") outside the ordinary course of Seller's operation of the
Project; (ii) consent to the assignment of any Leases or subleasing of any ofthe premises, except
for assignments ofresidential Leases or subleasing for residential purposes in the ordinary course .
of Seller's operation of the Project; or (iii) enter into any new Leases of the Project or any
portion thereof, except for new and renewing residential Leases of a term not to exceed one (1 )
year entered into in the ordinary course of SeHer's operation ofthe Project.
b) Contracts. Seller shall not, without the prior written consent ofPurchaser,
enter into, amend or extend any Contracts, unless such Contracts have terms that expire prior to
Closing or are terminable without penalty at Closing. The Purchaser shall have the right to
-4
terminate any and all Contracts, as ofthe Closing Date, to the extent Purchaser has elected not to
assume or continue any of such Contracts after the Closing Date. The Contracts subject to this
termination right include, without limitation, any management contracts or agreements, laundry
service contracts or leases, telecommunications and cable service and marketing agreements,
service contracts, supply contracts, construction contracts and employment and labor
agreements, brokerage agreements, and insurance policies currently applicable to the Project or
entered into in connection with the Project after the Effective Date, unless Purchaser has waived
in writing this termination right as to any specific Contract.
f) HAP Contract. Seller shall not, without the prior written consent of
Purchaser, enter into any amendment or extension of any HAP Contract or Regulatory
Agreement. Not less than 120 days prior to the expiration of any HAP Contract, or the
expiration ofthe annual term of any HAP Contract, Seller shall apply to HUD for an extension of
such HAP Contract upon terms acceptable to Purchaser.
a) Ten Year Holding Certificati{}n. Seller shall deliver to Purchaser not later
than five (5) business days following the Effective Date, a fully executed and notarized Seller's
-5
Sworn Statement ("Affidavit") in the form attached hereto as Exhibit C, and shall ensure that
said Affidavit remains true and accurate through the date of Closing.
c) HUD Approvals. By August 31, 2011, HUD shall have provided its
approval to Purchaser ofthe requested rent increase and section 236 loan repayment, if approval
for prepayment is required. HUD shall also have provided its approval of the assignment of the
HAP contract to Purchaser. If, on or before the expiration ofthe HUD Approvals period,
Purchaser shall determine that the foregoing matters are acceptable to Purchaser and that it
intends to proceed with the acquisition ofthe Project, then Purchaser shall promptly notify Seller
of such determination in writing ("HUD Approvals Notice"). In the event that Purchaser shall
fail to have delivered the HUD Approvals Notice to Seller on or before the expiration of the
HOD Approvals Notice period, Purchaser shall be deemed to have disapproved ofall ofthe
foregoing matters and this Agreement, and the obligations ofthe parties hereunder except for
surviving indemnities and covenants, shall terminate. The Deposit shall be released to Purchaser
unless the Purchaser is in Default as defined in Paragraph 14 ofthis Agreement, in which case
the Deposit shall be disposed of in accordance with Paragraph 14 ofthis Agreement. .
d) As ofthe Closing Date, neither the Seller nor the Project shall be in
violation ofthe Amended Regulatory Agreement, Use Agreement, Plan ofAction or the HAP
Contract.
Notwithstanding the foregoing, the risk ofloss of all or any portion ofthe Project
shall be borne by Seller up to and including the actual time ofthe Closing and thereafter by
Purchaser.
a) Deed. The Seller shall provide a warranty deed for the Project (the
"Deed") in recordable form, sufficient to vest title to the Land and Improvements, subject only to
the Permitted Exceptions. The Seller agrees at Closing to give Purchaser full, complete and
actual possession ofthe Project, subject only to rights of residents under the Leases.
b) BiUofSale. The Seller shall provide a Bill of Sale and Assignment in the
form attached hereto as Exhibit D, conveying and assigning to Purchaser title to all ofthe
Personal Property to be transferred to Purchaser in conjunction with the sale ofthe Project, and
constituting assignments of all Intangible Property which Seller has the power to assign and
Purchaser has agreed to assume. The Bill of Sale and Assignment shall include, without
limitation, an assignment of Seller's rights and interests as landlord or lessor under the Leases.
e) Books and Records, Keys. The Seller shall deliver to Purchaser all books,
records and other documents, and all keys in its possession, relating to the Project which
Purchaser may reasonably require in connection with its ownership and operation ofthe Project.
f) Leases. Seller shall deliver to Purchaser the original Leases, and all such
Leases shall be assigned to Purchaser pursuant to the Bill of Sale and Assignment. To the extent
not credited to Purchaser on the Closing Statement, the Seller shall deliver to Purchaser an
assignment of all security deposits including interest accrued as of the Closing Date, as required
to be held by the Seller in accordance with state law and the Leases, in which the residents ofthe
Project have continuing interests, and shall transfer all funds constituting such security deposits
with interest described above to the Purchaser.
g) Rent Roll. Seller shall deliver to Purchaser a "Rent Roll" in the form
normally utilized by the Seller and its management agent, dated within one week prior to the
Closing Date, certified by the Seller to be true, correct and complete.
h) Notice to Tenants. Seller and Purchaser shall agree upon the form of
written notice to be sent to residents ofthe Project, notifYing them of the sale of the Project, and
the name and address ofthe Purchaser as the new owner ofthe Project, which notice shall be
distributed by Purchaser on the day following the Closing.
-7
i) Plans and Specifications. Seller shall deliver to Purchaser any
architectural, mechanical, electrical and structural plans and specifications for the Improvements
which are in the possession ofthe Seller,
k) Tax Bills. Seller shall deliver to Purchaser copies of all existing real estate
tax bills for currentand delinquent taxes and special assessments, and copies of all current and
delinquent utility bills.
0) Other Documents. The parties shall deliver to each other such other
documents as may be reasonably required to effectuate the conveyance of the Project
contemplated hereunder.
i) All real estate and personal property taxes and assessments (general and
special) which are due and payable shall be adjusted as ofthe Closing Date.
ii) Purchaser shall receive credit for all security deposits required to be held
by the Seller with respect to the residents of the Project, including interest thereon to the
extent required to be accrued under the Leases or state or local law.
iii) All water, sewer and utility services shall be changed over to the name of
Purchaser by Seller effective as of the Closing Date; Seller shall be responsible for
satisfaction of all such charges accruing prior to the Closing Date.
-8
iv) All Operating Costs and Expenses shall be prorated as ofthe Closing
Date.
vi) All amounts previously paid by the Seller to parties under any of the
Contracts assumed by Purchaser applicable to periods following the Closing Date, which
amounts shall be disclosed to Purchaser within sixty (60) days of the Effective Date of
this Agreement, shall be paid by the Purchaser to the Seller; and any amounts incurred or
due under Contracts and applicable to periods prior to the Closing Date shall be credited
to Purchaser.
viii) Seller shall retain the amount, if any, existing in the Replacement
Reserves and Residual Receipt Reserves at Closing.
ix) Any prorations not made at the Closing because of the unavailability of
information required from third parties in order for the prorations to be made shall be
estimated by the parties, with adjustments being made between the parties as soon as the
necessary information becomes available. The obligations ofthe parties under this
paragraph shall survive closing, and shall not merge into any instrument of conveyance
delivered at the Closing.
b) Closing Costs. Closing costs not accounted for herein shall be split
between Buyer and Seller as is customary in the County in which the property is located.
i) Seller shall pay the grantor's tax, upon recordation of the deed, and its
own counsel fees. All other recordation taxes shall be paid by Purchaser, as is customary
in Virginia.
ii) Purchaser shall pay for customary escrow and closing fees, all expenses of
examinations oftitle, costs of all surveys, and all recordation taxes and fees associated
with the recordation of any documents required to be recorded by Purchaser's lenders, if
any, (other than those associated with the clearance of encumbrances other than
Permitted Exceptions from the title), all costs of lender's or owner's title insurance, and
its own counsel fees with respect to the Project.
-9
10. Brokerage Commissions and Fees and Services. Seller shall be
responsible for payment of commission to LAS Realty as broker for Seller ("Broker"), upon
closing ofthe transaction, pursuant to a separate agreement between Seller and Broker. Each
party agrees to indemnifY and hold the. other harmless from all loss, damage, cost, and expense
(including attorneys' fees) that the other party may suffer as a result of any claim brought by any
other broker or other party with whom such party may have dealt in connection with this
transaction.
ii) Seller has not and will not, while this Agreement is in effect, enter into
any other option or contract of sale or execute any deeds, declarations, preferences,
conditions, zoning proffers, covenants, easements, or rights-of-way affecting the Project
or otherwise conveyor encumber, or permit any lien or encumbrance upon the Project or
any interest therein without the prior written consent of the Purchaser.
v) Seller has no knowledge of, and has received no notices from any
governmental or regulatory authority of any zoning, safety, building, fire, environmental,
wetlands, asbestos, health code or any other violations whatsoever with respect to the
Project which have not been heretofore corrected. Seller has provided Purchaser with a
copy of a REAC inspection report dated March 25, 2009, which report has a final, failing
score of 49. To Seller's knowledge, all items noted as deficient in the report have been
corrected; however, HUD has neither re-inspected the property nor provided any further
-10
correspondence to either confirm or deny the property's compliance with HUD's physical
inspection requirements.
vi) Seller has no knowledge of, and has not received any notice from any
governmental or quasi-governmental or regulatory body or agency or from any person or
entity with respect to any actual or threatened taking of the Project or any part thereof for
any public or quasi-public purpose by the exercise of the right of condemnation or
eminent domain. If Seller receives any condemnation notices after the execution ef this
Agreement, Seller shall immediately notify Purchaser by providing Purchaser with a copy
of any such notice received by the Seller.
vii) To the best of Seller's knowledge, the Project is in compliance with all
zoning requirements; Seller hereby certifies that it has not and will not request, apply for
or give its written, verbal or implied consent to any pending or future zoning change or
variance with respect to all or any part ofthe Project or any property adjoining the Project
without the prior written consent of Purchaser.
viii) No unsatisfied or existing special assessments have been levied or, to the
best of Seller's knowledge, are contemplated or pending against the Project other than
those disclosed in writing to Purchaser.
ix) The Leases have not been assigned by Seller or otherwise pledged or
encumbered, except as collateral security given to Seller's mortgagee(s).
xii) To the best of Seller's knowledge, the Project and its operation and use
comply with applicable federal, state, and municipal laws, ordinances, and regulations
regarding tenant security deposits and the payment of interest thereon.
xiii) The Project is free and clear of all mechanic's liens, and all lawsuits, liens,
judgments, mortgages or encumbrances of any nature, except for the Permitted
Exceptions. In the event that a lien, claim or cause of action not covered by insurance, or
any tenant litigation should arise, resulting from any activities upon the Projectby Seller
or its agents or employees or predecessors in interest at or prior to or subsequent to the
Closing, Seller shall defend, or cause to be defended, Purchaser and the Project against
any such claim or cause of action and hold Purchaser harmless from and against any and
-11
all loss, cost or expense, including, but not limited to attorneys' fees and costs related
thereto.
xiv) The Rent Roll to be delivered at Closing will be substantially true and .
correct, and will be in the same format as the Rent Roll previously delivered to
Purchaser. No tenant of the Project is entitled to any rebates, rent concessions, or other
credits and adjustments, except as expressly disclosed in the Rent Roll or attachment
thereto. There are no claims, offsets or other obligations of Seller to the best of the
Seller's knowledge (other than return of security deposits) which can be claimed by any
tenant.
xv) To the best knowledge of Seller, Seller is not now the subject orany
administrative investigation, action or judicial proceeding in regard to any discriminatory
or other improper or illegal practice with respect to its employees or tenants by and
federal, state or municipal government or agency thereof, nor is the Project presently
operating under any court order or administrative agreement with regards to any
discriminatory or illegal practices.
xvii) Seller shall maintain the Project in the condition it existed as of the
Effective Date and operate the Project in a professional manner until Closing.
xviii) Seller is a "United States Person" and not a "Foreign Person" within the
meaning of Section 1445(f)(3) ofthe Internal Revenue Code of 1986, as amended, and
shall execute and deliver an "Entity Transferor" certification at Closing.
xix) Seller represents and warrants that to the best of its knowledge, and except
as disclosed in Exhibit F, the Project, the mechanical and electrical equipment installed
in, on, under and/or around the Project, and the soil and ground water are free from any
underground storage tanks and any hazardous substances as defined herein and that the
Project and/or Seller is in compliance with all applicable environmental laws, statutes,
ordinances or regulations. Seller represents and warrants that it has not permitted any
agent, employee, contractors, tenant or third party to, use, generate, treat, store, dispose
of, deposit, release or otherwise introduce, any such hazardous substance, without
limitation, into or on the Project. Seller hereby indemnifies, defends and holds Purchaser
harmless from and against any and all liabilities, claims, obligations, losses, damages,
actions, causes of action, costs and expenses (including, without limitation, reasonable
attorneys, and engineering fees of professionals selected by Purchaser) which may arise
or occur because of, or due to, or as a result of, Seller's breach ofthe aforesaid
representations and warranties ofthis Paragraph ll.a)xix), or relating to any
environmental condition or hazardous substance existent or present at the time of
Closing.
-12
The tenn "hazardous substance" shall mean and include, without limitation
asbestos, urea fonnaldehyde foam insulation, transformers or other equipment which
contain dielectric fluid containing polychlorinated biphenyls, petroleum of any kind or
any other hazardous or toxic, chemical, material, substance or waste, exposure to which
is prohibited, limited or regulated by any federal, state, county, regional, or local
authority or defined as such in or for the purposes of the Comprehensive Environmental
Response, Compensation and Liability Act of 1980 (42 USC § 9601, et. seq.), the
Hazardous Material Transportation Act (49 USC § 1802, et seq.), The Resource
Conservation and Recovery Act (42 USC § 6901, et. seq.), The United States Department
of Transportation Table (49 CFR § 172.101 and amendments thereto), or any other
federal, state or local statute, law, ordinance, code, rule, regulation, order or decree
regulating, relating to or imposing liability or standards of conduct concerning any
hazardous, toxic or dangerous waste, substance or material as now in effect. The term
"hazardous substance" shall not include anything contained in or upon any property
belonging to or under the control (whether by easement or otherwise) of a public or
private utility or similar entity that supplies water, gas, electricity or other services to the
Project.
xx) Seller represents and warrants that it has owned the property continuously
since at least January 1,2000, has not changed the name under which title to the property
is held since at least January 1, 2000 and no greater than 50% ofthe ownership interest in
the property has been transferred within any twelve-month period since at least January 1,
2000.
The representations and warranties of Seller set forth in this Section 11 shall
survive the Closing for a period of twelve months and shall be deemed remade by Seller
as of the Closing Date with the same force and effect as if made at that time. All
representation and warranties made in this Agreement shall survive the Closing for a
period of twelve months and shall not merge into any instrument of conveyance delivered
at the Closing.
-13
Agreement violates, or will violate, any contract or agreement to which Purchaser is a
party or by which Purchaser is otherwise bound.
Providence, RI 02903
Tel: 401-553-2002
Fax: 401-553-2004
Washington, DC 20004
Phone: 202-585-8000
Fax: 866-850-8502
If to Seller:
Lawrence Salzman
PO Box 29806
Richmond, VA 23242
Phone: 804-288-9108
Fax: 804-288-4514
Robert Reibach
Richmond, VA 23220
Phone: 804-355-8037
Fax: 804-355-8875
-14
Any such notice shall be conclusively deemed to have been given and upon
mechanical confinnation by the facsimile machine of the sending party, if sent by telecopy, when
delivered to the address ofthe receiving party, by hand or nationally recognized overnight
courier, or three (3) days after posting if sent by certified mail, return receipt requested. Either
party may by notice in writing to the other designate another address to which notices mailed
more than ten (10) days after giving of such notice of change of address shall be addressed.
a) Material Loss. If, prior to Closing, any portion of the Project is damaged
or destroyed to a "material" (as hereinafter defined) extent or in the event the Project becomes
the subject of any notice of condemnation, Seller shall notity Purchaser in writing within seven
(7) days and Purchaser may, at its option, tenninate this Agreement by delivery of written notice
of such tennination to Seller within fourteen (14) days after written receipt of such notice. If
damage or destruction occurs within fourteen (14) days prior to Closing, the Closing shall be
extended to a date fourteen (14) days after such occurrence and Purchaser may, at its option,
tenninate this Agreement by delivery ofwritten notice of such tennination to Seller during such
extension period and the Deposit shall be returned to the Purchaser. Upon receipt of such notice
oftennination, each party shall be relieved of further obligations hereunder. If Purchaser elects
not to so tenninate this Agreement,then after the Closing (without any reduction ofthe Purchase
Price), Purchaser shall have the exclusive right to settle the loss and to receive all proceeds of the
insurance covering the Improvements or Personal Property so damaged or destroyed or to
receive the benefits ofthe condemnation settlement and receive at Closing a credit equal to the
amount of any deductibles provided under applicable insurance policies. For purposes ofthis
Paragraph 13.a, "material" shall mean damage or destruction ofthe Project for which the
aggregate estimated cost of repair, restoration and rehabilitation (including all indirect and
incidental costs and expenses) is in excess of$100,000.
14. Default.
-15
demand shall not exceed $100,000 ("Purchaser Default Penalty") and upon the Seller's receipt of
the Purchaser Default Penalty and Purchaser's receipt ofthe Deposit, to the extent that there are
remaining funds held as Deposit after payment to Seller of the Termination Penalty, this
Agreement shall terminate and the parties shall have no further obligations to one another.
15. Time of Essence. The Parties agree that time is ofthe essence for all
items in this Agreement.
16. Attorneys' Fees. In the event that any party hereto brings an action or
proceeding for a declaration ofthe rights of the parties under this Agreement, for injunctive
relief, for an alleged breach or default of this Agreement, or any other action arising out ofthis
Agreement or the transactions contemplated hereby, or in the event any party is in default of its
obligations pursuant hereto whether or not suit is filed or prosecuted to final judgment, the non
defaulting party shall be entitled to reasonable attorneys' fees as may be allowed by the Court at
the time of settlement, at trial or any appeal or petition to review therefrom, in addition to any
court costs incurred and in addition to any other damages or relief awarded.
19. No Failure. No failure or delay of either party in the exercise ofany right
given to such party hereunder shall constitute a waiver hereof unless the time specified herein for
exercise of any right precludes others of further exercise thereof or of any other right. The
-16
waiver of any breach hereunder shall not be deemed to be a waiver ofany other or
subsequent breach
SELLER:
OakmC"ade Partners, a Virginia limited partnership
By: OAKGP. L Generall'artner
Date:
-17
PllRCHASER:
l1~l<ln:·:I. L.!}.
LLC, its Gl':.'neral Partner
-18
Exhibit A
-19
legal Description
To the extent Seller and/or the current manager ofthe Project (the "Current
Manager") have such information in their possession, the following have been or will be
delivered by Seller to the Purchaser as Due Diligence Materials under this Agreement:
Mark if a
Requested Date
Item Item Delivered
l. Existing survey
2. Current rent roll indicating lease terms, rental rates, X
concessions granted, security deposits, and any outstanding
delinquencies or prepayments, specifYing any section 8 or
other subsidized tenants/units
3. Unit by unit listing unit size (e.g., 1,2, or 3BR), total -_._
household size (adults and children), and total gross
household income
4. List of tangible personal property included in sale X
5. Current ad valorem tax bill and for previous 3 years X
6. Operating statements (audited) for the past three years and X
current year-to-date statement (updated year-to-date
statement to be sent to Purchaser every 30 days)
7. Maintenance service contracts and agreements and any other X
contract relating to the ownership, operation and
maintenance ofthe property including, but not limited to:
Laundry, Pest, Landscaping, Cable, telephone, etc.
8. A sample ofthe current tenant lease used for all tenant
rentals at the Project
9. Capital expenditure records for the past five years
10. Utility bills for the past twelve months X
11. List of vendors and utility companies with account numbers X
12. Certificates of occupancy, if available
13. All environmental, zoning, fire & safety or building code X
reports, evaluations, complaints or notices ofviolations for
the Project, including those prepared by the current owners,
public officials or other third parties.
-21
Exhibit C
The undersigned hereby certifies the following with respect to the requirements of
Code Section 42(d) (2) ofthe Internal Revenue Code, regarding the eligibility of existing
buildings for low income housing tax credit as it relates to Oakmeade Apartments, located in
Richmond, Virginia.
• For the period of time between January 1, 2000 through the date hereof, Oakmeade
Partners, a Virginia limited partnership (the "Seller") has been, and through the date of Closing
will be, the continuous and sole owner of certain real estate, related improvements and amenities
in and on the land consisting ofa 100-unit apartment complex commonly known as Oakmeade
Apartmeqts, located in Richmond, Virginia more particularly described on attached Exhibit A
(the "Property").
• That there have been no transfers totaling 50% or more of the interests in Seller in any
single twelve month period during the previous ten (10) years.
SELLER:
By:
Date:
State )
) SS:
City of )
Subscribed and sworn before me, a Notary Public in and for the Commonwealth of Virginia, by
_~___~_ _ _ _ _ onthe _ _ day 2010.
Notary Public
-22
ExhibitD
RECITALS
Seller and Purchaser have entered into a Purchase and Sale Agreement, dated as
_ _ _ _ _ _~_ _ (the ~'Agreement"), whereby Seller has agreed to sell to Purchaser,
and Purchaser has agreed to purchase from Seller, certain real property with improvements
commonly known as Oakmeade Apartments located in Richmond, Virginia and more fully
described in Exhibit A, attached hereto (the "Property").
AGREEMENT:
1. Assignment of Leases. Seller hereby sells, assigns, transfers and conveys unto
Purchaser, and its successors and assigns, all of Seller's right, title and interest in and to the
tenant leases (the "Leases"), and the rights and obligations of Seller thereunder, described on the
schedule attached hereto as Exhibit R By execution hereof, Purchaser agrees to assume and be
bound by Seller's obligations accruing on or after the date hereof under the Leases.
2. Transfer and Assignment of Other Property. Seller hereby sells, assigns, transfers
and conveys unto Purchaser, and its successors and assigns, those items listed on Exhibit C
attached hereto, together with all of Seller's right title and interest, if any, in and to all other
personal property and fixtures located on and used in connection with the operation of the
Property (collectively, the "Per~onal Property").
3. Transfer and Assignment of Intangibles and Licenses. Seller hereby sells, assigns,
transfers and conveys unto Purchaser, and its successors and assigns, all of Seller's right title and
interest, if any, in and to, assignable licenses, occupancy agreements, or assignable permits with
respect to the Property, all trade names and trademarks owned or used by Seller in connection
with the operation of the Property, together with all appurtenances and rights related to such
trade name or trademark, including, but not limited to, the goodwill associated therewith,
telephone listings and telephone advertising used or owned by Seller and affecting the Property.
4. Transfer of Contracts. Seller hereby sells, assigns, transfers and conveys unto
Purchaser, and its successors and assigns, all assignable service, maintenance and management
agreements and other contracts or agreements listed in the attached Exhibit D (the "Assigned
Contracts"), pertaining, or applicable to, or in any way connected with, the rental, maintenance
and operation of the Property.
-23
5. Indemnification. Purchaser covenants to hold Seller harmless from and indemnifY
Seller for any claim, loss, damage, cost or expense (including reasonable attorneys' fees) that
Seller may incur from and after the date hereof as a result of the failure of Purchaser to perform
any of its obligations under the Leases or the Assigned Contracts accruing from and after the
date hereof. Seller covenants to hold Purchaser harmless from and indemnifY Purchaser for any
claim, loss, damage, cost or expense (including reasonable attorneys' fees) that Purchaser may
incur from and after the date hereof as a result of the failure of Seller to perform any of its'
obligations under the Leases or the Assigned Contracts accruing prior to the date hereof.
6. Governing Law. This Bill of Sale and Assignment Agreement and all other instruments
referred to herein shall be governed by, and shall be construed in accordance with, the laws of
the Commonwealth of Virginia
7. Successors and Assigns. This Bill of Sale and Assignment Agreement and the terms and
provisions hereof shall inure to the benefit of, and shall be binding upon, the respective
successors and assigns of Seller and Purchaser.
-24
IN WITNESS WHEREOF, the Seller and the Purchaser have caused this Bill of Sale and
Assignment Agreement to be executed as of the date last below written.
SELLER:
By:
Date:
PURCHASER:
By:_ _ _ _ _ _ _ _ _ _~_ _
Title: Manager
Date:
-25
ExhibitE
LITIGATION
-26
Exhibit F
ENVIRONMENTAL
-27
Pro", :lh~R,.ico CouRt>,~ UR To : P!\g«l 1
County of Henrico- Finance Department Real Estate Assessment Division Page 1 of2
Base Information
Zone R-5 Account # OA0178601
Subdivision N~NE MILE RD Acreage 7.500
Lot AC 7.50 Owner (Cur) OAKMEADE PARTNERS
Section Address C/O ROBERTA PlANTE 300 AIRPORT PL
Block HENRICO VA
Zip 230752164
Commerical Information
Use Code 352 Apartment Year Built 1972
Net Leasable 0 Gross Area (sqft) 88832
No. of Units 100.00
Assessment Information
Year Date Land Use. Improvements Tom I Apr. Assessment Reason
2011 1/21/2011 $8001000 $0 $2,1011900 $21901,900 D General Reassessment C
2010 2/1/2010 $800,000 $0 $118471700 $216471700 D General Reassessment M
2009 1/27/2009 $800,000 $0 $2,056,000 $2,856,000 D General Reassessment C
2008 1/22/2008 $800,000 $0 $1,893,700 $2,693,700 D General Reassessment C
2007 2/5/2007 $600,000 $0 $2,093,700 $2,693,700 D General Reassessment C
2006 1/25/2006 $600,000 $0 $11 971/700 $2 /571/700 D General Reassessment M
2005 2/11/2005 $6001000 $0 $1,886 /200 $21486,200 D General Reassessment M
2004 1/7/2004 $6001 000 $0 $1,570,000 $21170,000 D General Reassessment M
2003 1/15/2003 $600,000 $0 $1,466/700 $2,0661700 D General Reassessment C
2002 3/29/2001 $450 /000 $0 $1 / 548/300 $1,998 /300 EOY
2001 1/11/2001 $450 /000 $0 $11548,300 $11998 /300 0 General Reassessment
2000 3/22/1999 $4501 000 $0 $11 917 1 200 $2 /367/200 EOY
1999 4/8/1998 $4501 000 $0 $1/9171200 $21367,200 EOY
1998 2/25/1998 $450,000 $0 $1,917/200 $21367/200 D General Reassessment
1997 1/1/1997 $282,000 $0 $1/3821900 $116641900
1996 1/1/1996 $2821000 $0 $113821900 $116641900
1995 1/1/1995 $2821000 $0 $11382/900 $1/664/900
1994 1/1/1994 $282/000 $0 $1/8601900 $2/142/900
1993 1/1/1993 $2821000 $0 $118601900 $2/142/900
1992 1/1/1992 $282,000 $0 $1/860,900 $2,1421900
Transfer History
Deed Book Page Account # Sale Price Sale Date OWner Validity of Sale
01968 02054 $11 735/000 8/1/1985 OAKMEADEPARTNERS o
Improvements Information
Type Use Code Improvement Measurement
No Information Found
The above-referenced Owner/Applicant has asked this office to complete this form letter
regarding the zoning of the proposed Development (more fully described below). This
certification is rendered solely for the purpose of confirming proper zoning for the site of the
Development. It is understood that this letter will be used by the Virginia Housing
Development Authority solely for the purpose of determining whether the Development
qualifies for points available under VHDA's Qualified Allocation Plan for housing tax credits.
DEVELOPMENT DESCRIPTION:
Development Address:
300 Airport Place
Richmond, VA 23075
Legal Description:
Proposed Improvements:
The project entails the comprehensive renovation and preservation ofan existing, aging affordable
apartment community.
LOCAL CERTIFICATION:
~ The zoning for the proposed development described above is proper for the
proposed residential development. To the best of my knowledge, there are presently
no zoning violations outstanding on this property. No further zoning approvals and/or
special use permits are required.
n
t i
Signature ~/.
(.JA'5IJrJ
Printed Name
Phone:
Date: I 7
ASK US HOW.
legal Desalptlon
b Check here P 0
If the eligible basis used in the computation of line 3a was increased under
the high·cost area provlsions of section 42{dIl5HCI. Enter the percentage to which the eligible
basis was increased (see instructions, .................:..................................................................
4 Percentage of the aggregate basis financed by tax-exempt bonds. (If zero, enter -0-.1 ................. ..
5 Date building placed in service .........................................................................t> 12131199
6 Check the box that describes the allocation for the building (check one onlyl: .
a Newly constructed and federally subsidized . b 0
Newly constructed and not federally subsidized e Existing building 0
d Sec. 421e) rehabilitation expenditures federally subsidized e Sec. 42(el rehabilitation expenditures not federally subsidized
Under penalties 01 perjury. I declare that the allocation made is in compliance with the reQUirements of section 42 of the Internal Revenue Code. and that I have exaMined
Pan I of this form to the best of my knowledge and belief. the information is true. correCt•. atId compleTe.
-------------~~--~-
Jeanne L Peterson
I> ------ I> ----------------------------------------------
Signature of authorized offic:ial Name IPlease IYpe or Pfintl
PART 11 First-Year Certification·-Completed by Building Owner for First Year of Credit Period Only
7b
7a Date building placed in service I> _ _,_._ , _ b Eligible basis of building (see instructions I
8a Original qualified basis of the building at close of first year of credit period .................................... ......-::::......1-_ _ _ _ __
bAre you treating this building as part of a multiple building project project for purposes of section 42 (see
instfuctionsJ? .................................................................................................................................OVes
9a It box 6a or box'6d is checked. do you elect to reduce eligible basis under section 421iH2HB)? .................OVes
bOo you elect to reduce eligible basis by disproportionate costs of non-low-income units (section 42(dIl311? DVes
10 Check the appropriate box for each election: •
a Elect to begin credit period the first year after the building is placed in service (sectipn 42!fJ(1l1 ...............0Ves
b Elect not to treat large partnership as taxpayer (section 42(jJ(SIL..........................................................0Ves
c Elect minimum set-aside requirement (section 42(g)J (see instructions) 020-50 . 040.60 D25-6oIN.v.c. only)
d Elect deep-rent-skewed project (section 142(d)(4)CBII (see instructionsl ................... :.............................0 15-40
Note: A separate Schedule A (Form 86091. Annual Statement, for each building must be attached to the corresponding Form
8609 for each year of the 15-year compliance period.
Caution: Read the instructions under Signature {page 4J before signing this part.
Under penai';les 01 perjury. I declare that the above building conlinulIIs 10 qualifv as part 01 "Qualified low·income hOu$ing projecl and meets
the reQUifem~ms 0' Internal Revenue Code section 42 and that the Qualified basis 01 the building has I> 0 has not I> 0 decreased fOf lhis tax
yeB'. I have eXlII'Tl'"ed this fOfm and attachments. and to Ihe best of my knowledge and beliel. they 3Ie true. co<rect. and complete.
t> -------------_.--------------.----._--.-----__ _
Name Iplease print or typel
For Paperworl!; Reduction Act Notice. see page 4. fou",8609IR••. \·20001
MRA
):Q'''' 8609 low-Income Housing Credit
;lto.ntl'C'nt of ..... lte.aloutY ... 00 noC file separllle'v. Tbe building own... must aUaeh fo'm 8586. "'1I.,o",enl
-1'"".1 f;.. ~n\lt Stt'\ollCt Fo..m 8609. ilnd Schlldu" A (F«m 8609) to lIS Fad.,al income ta" nluln. SeQutnce NO 36
Bellevue, NE 68005
Lincoln, NE 68508-1402
e Ham•. addreu. Ind TIN 01 buildIng ownlll reCeillin9 allocalion 0 Employet i1fenlllic:,lkIn numbet of agency
BV Associates. LLC 47-0613449
378 Main Street, Suite 9 e Sulldlno idenlilic:allo<l nUl\'lher (BIN)
East Greenwich, RI 02818
TIN.,.. 03-0374038 NE-04 -01836
b Check here ~ 0
if the eligible basis used in Ihe computation 01 line 3a was increased under the
high-Cos! area provisions of section 42(d}(5)(C). Enler the percentage 10 which the eligible basis ..
.
was increased (see instructions) . . .. . . . . . . . . . . . . . "' . . . . . . . . ........... , .. .
3b 100 % ~
......
4 Percentage of Ihe aggregate basis financed by lax-exempt bonds. (If zero, enlet -0-.) ...........
4 76.24 o·I.
S Date building placed in service ................................... ~ 12 W.QL_
6 Check Ihe box fhal describes the alloealion for Ihe building (check one only).
a 0Newly c()nslrucled and rederally subsidized b 0
Newly constructed and nol federally subsidized c @ EXlstmg bUlI<.hng
d 0Sec. 42(e) f abilfJalion expenditures federally subsidized e 0 Sec. 42(0) rehabilitation expenditures nol federally subSlcllzCd
'~_..... .. "
• T lmot; h y R ....
" enny,
.
Executive Dlrector -.;> _
.. _ _ 4"_l;_q_ __
- _
IPart III First-Year Certification - Completed by Building Owner for First Year of Credit Period Only
1a Date building placed in service ~ b Eligible basis of building (see inslruelions) 1-!.=-4-------
6a Original qualified basis of the building at close of first year of credil period. ". .." .... ". _.....
b Are you treating this building as part of a multiple building project for purposes of sec:lion 42 (see
inslruclions)? .... " .....................•. , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. Yes ONQ
0
9a If box 6a or box 6d is checked. do you elecC 10 reduce eligible basis under section 42(i)(2)(8)? . . . . . .. . Yes DNo
0
b 00 you elecllo reduce eligil>le basis by diSpI'oporlionale cosis or non·low·income units (seclion 42(0)(3)70 Yes ONO
Caution: Read IIle illstruclions under Signature (page 4) belore signing this parI.
uflde. penaJIJes 01 PeJluly. I deci;ue thai rhe above building continues 10 Qtlidi'y as a part 01 a qualilie\J low-income housing pro,ecl and meelS the lequllemellls 01
'tllerosl Revenue Code seclion 42 and Ihal Ihe ql.lalilieeJ I)asis allbe building has ... has nO! ~ deaeased 0
this lax year. I have examIned Ih.s lorll'l and [J '01
allac"me"f~. and lO 'he best 01 my knOWledge and be/n!'. Iheyate Ime. cOfreel. ilnd complele
,. Dale oI31ocation· • !~! !~~~3. • b MaxIII'Un housing credit ddI.iw amount aIIowatie.
b Check here • 0 If the ~ basis UMd fi the <XII"IlpIbIion d line 3a was increased undef '
the hIgtH:o$l na provisions d section '(2(d){5Xc). EnIeI' lie peroenlage Io.ticli the eligible
.. Pe«:entage d!be aggregIB basis financ;ed by 1alI:-ex_ bonds. (If ze«l, enlel' .0.., . . . . . . . . .
5 Dalelding~iRservk» . . . . . . . . . . . . . . . . . . . . . . . . ~ _:~~~:~: __ .
Ii Check !he boxes thai cIe$ai)e the aIIccation fa the ~ (dleck!bose IbaI apply):
I 0 Newly CCI'ISIIUd.ed and fedef;Iy ~ " 0 NerMy altISWded and IIOffederally Slilsiclized c t2I e.isting1:luUng
d 0 Sec. 42{e) ~ ~dUes federaIy IUtlskIzed • 0 Sec. 42{e} rababltaIion ~ not feder31y Sltlsicized
f 0 Not fecIe!c!Y subsi<ized by reas'On d oU).5O Me IJlder sec. 42.(1X2)(E} , 0 Allocation sut;!d to f!C!IP'()fit set-asidetlldec sec. 42(b)(5)
Signature of Authorized Housing Credit Agenq' 0ftIcIaI- Completed by Housing Credit NJetaq Only
I dedate Ihallhe aIocaIion-macte is'b eon~alllc:e wIIh!be requirements d sedIon 42 d the Internal Revenue Code.
have exanWledPart I d II!st Cliriy lcn9wIedge and belef.1lt iiormatioo Is 1nIe, ~ and ~ ' .
JAMES H. CHANDLER
AUTHORIZED OFFICER
FJrst·Ve.r Certification - Completed by Building Owners with respect to the first Vear of the Credit Period
7 E/igiI:IIe bas/$ d I:JuIIcIng (see insIIUdions). . • • • • • • • . • • • •. •. • . • . . • . . . . . • . • • •
II Original qualified basis d !he 00iIding at dose of first year d credit period . • . • . • • • • • • • • . • •
b Are you Ilealing!his WIkIng as par1 d anUlip/e buIIcSino ~ fof pwpose$ of section 42 {see
1nsIIuc:Cions)? • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • " • ; • • , • . • •. liZ} Yes 0 No
h If box 58 or box Gel is c:hecked. do you elect 10 redJce eIigItI(e basis undeI sed.ion(42Ci)(2XB)? •••••••• 0 Yes 0 No
b 00 you eIecl to ndJce eligi~ basis by cIsproportIooaI CO$IS d ~ units (section 42(d)(3})? 0 Yes No fa
10 Cbect !be appoprlate tIoltfor each election:
a EJect 10 begin cred( pedod the .,. ,.arlflel' the IIuIdiftg Is placed in setvk:e (section 42(t)(1)}. • • • • • • •• 0 Yes No E
b Elect not 10 treat large paI1nerShIp 8uax"... (sec:Iion 42(1)(5» • • • • • • • • • . • • • • • . • . . • . . . •. 0 Yes
e Elect nWnum sel.aslde requirement (section 42(9» (seelnstnx::tlons) 0 20-601(1 40-60 0 25-60 (N.r.c. only)
d EJect deep-Ient·skeweCf prqect (section 142(d)(4XB»{seelnsfn.lcfiaas) •••••••••...•••••.•• 0 1540
- UI"/.I ~Iar. #..at the abcw. builcing contlnu_ to qualify., • pM of. qualified ioW-4ncoma housing project Mcfl'llgels the
feqU!rel'l'llmt. of ~:MCtIon 42. I'have examined this fonn and attachment., WId to the best of rTrf knowledge .,d belief, they
are true, COI'( ~ and tete. 92 - 01 84 9 9 7 _'
,.
.. ....... •
bl'.
•••••• •• • . . . .••_........... ..........
S9 ~ f~
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0/-1 J ,/Y'
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For Privacy Act and PapelWork Reduction Act Notice, see Instructions. Cat. No.6308JU Form 8609 (ReN, 12·2005j
1'«.1. btU
A ~ ofbulldlll~ (do 1lGI ... P. o. bellO (111&1nI1nIcIicJIIa) I NIIIt_ adIhP of lloas1111 cndIt ~
717J aardeo Pa:k LaDe V1EgL~ia Hcuatng Pevelopment AUthority
MeehaD.iC8V1U., VA 23111 6'01 S. Belvic:J." Street
:Z322Q~
C Name, add(ats. and 11H dllddlllG oww IICIiWQ IIIoeIIIan D ~_6cdoII1IIIIIIbtr IlIIQIrICY
CQlc1l1a:'bOl' Al8OC:1ae•• , LX.Q 54-0'21812
n. Mdn Street ••uite ,
Ka.t Greenwidl. JU 02118
TIH .. 0+3717511
11 Dal,dtllocalla1 .. fl/A fa UaIcIn'Jm~Cllditdll'~aIIGwablt.
2 Maxilll'lulppllcatlla ct8CIIt~. aIIor.IbIo •• , • • • • • . • • • . • • • • • . , . • , • • •••.
3 a MaxIIra'n qlllllIed ball; • • • . . : • • • . • • • . . • • • . ..• ..• • • . • • • . ... . . . . . . . . • .
Chsdcllirl .. CI 'l1t~basII_l)QIe~
ftIe IIlg/WDIna ptCNIIIcns d IIdk.ft -2(d)(8)(C).
3a -Increased
en..,
crtle
tIlIpIIC8I.-1O \\fIIdItli a\gI)It
"'*
basi:; was tncreasea (Nt~) • • • . . • . . ••.•••••• '. • . . . . . . . . • . • •••..
4 ~of" ~bIIstI hvlcodbytlrHUmplbO!*. (Izera. ".0..) ........ .
5 DatI tddklg J4a::Id 1ft SIII'WICe. • • • • • • • , • • • • • • • • • • • • • • " 2128 I 05
f ttIack III \IOI(et 1IIIt dIIQIbIlJI ~ f«'''' buIcb (dIadt_lMttappl't): ,
I Cl Nlrtty ~-f8d8nIIIJ' IUbIIIbI .. [J Nei4y~ ~ftOCJIdjQIy~ c ~ E1dtfIng btfdInO
.. 0 Sac. 42(.)~ IICI*JIIUtli fedIrlIJ1f~ • C sac. 042(a) AIh~ ~ notfllddll'tllUtlllkll2ld
f 0 Nc:dDl'. MsIdIaIdlWlWIOncl4O-fiOf!!'!peuec.9!U p 0 AIIocBIIcIn!l*Stu !\O!!l!l!Mtttalde ~* 4!h¥S)
:==.!:t.-===.»_...
CUIaa: OtaGlldl.IIf ~...". .. ~
I EJeclIr:ltleglD I.1d peI10d httlnt yw_t.e1Xttlq it piked iuer4Ce (&eCIian 42(fJ(1». • • • • . • •• 0
~"i:l"~""[i"'~' g
d Beddeep.lkwedpJqed{1IICIIic:1I1.f2{dX4)(J!»(-InIfnIcfIcIII)
--44*'"""'r~~~----
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•, ••••••••••••• ••••
pllllII."*"......--".IIId............
wlIb:M\IIlI,1IIII1D "lIeIldfflf~I"'1IIW. .,.,.. _CllllltCt.IIId~: /
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Til,..,.
F_8609 Low-Income Housing Credit
(Rev. 0IIcember 2006)
0epatImenI of Ula TteaWY Allocation Certification OMEI No. 154!Kl9a8
A Address of buHdlng (do not use P. O. box) (see instructions) 8 Name and address of housing credit Igency
6000 Oakano Road Virginia Housing Development Authority
Richmond, V~ 23231 601 S. Belvidere Street
Ri 2"1?~·I"I-Ii."'(lA
C Name. address. and TIN of building ownlr receiving aIIoc:aIlon D Employer identification number of agency
Oaklana Village Associates. LLC 54-0921892
376 Main Street, Suite 9
~as~ Greenwich, RI 02818 E Building identification number (BIN)
TIN .. 81-$57690 VA0523001
a Beet to begin credit period the first year after fhe buHding is placed in selVioe (section 42(Q( 1)) . • . . . . • . 0 Yes ~NO
c Elect minimum set-aside requirement (section 42(9) (see inslruclions) 0 2()..5() f!1 4().60 0 25-6D (N.V.C. onlV)
d Elect deep rent skewed projec:t (section 142(d)(4)(S»)(see inslru<:tions) •..... _...•• _..... . 0 15-40
For PriYacy Ad and PaP!lrwolk Reducllon Act HoIIoe, ... In.ftvctJon•• Cat No.6J98IU Form.flO9 (Rev. 12.2(06)
Fonn8609 Low-Income Housing Credit
(Rev. December 20(8) OMS No. 154&-0988
Department of tile Treasury Allocation Certification
i
A Address of building (do not use P. O. box) (see instructions) B Name and address of housing credit agenc),
5825 Orcutt Lane Virginia Housing Development Authority
Richmond, VA 23224 601 S. Belvidere Street
Richmond VA 23220-6504
C Name, address, and TIN of building owner recaiving allocation o Employer identification number of agency
Chippenham Place Associates, L.P. 54-0921892
269 Main street, Suite E
Providence, RI 02903 E Building identification number (BIN)
TIN ~ 32.{)206923 VA0706001
1a Date of allocation .. 12/14/07 b Maximum housing credit dollar amount allowable. 1b $ 7,107
If the eligible basis used in the computation of line 3a was increased, check the applicable box
and enter the percentage to which the eligible was increased (see instructions) . . . . . . . . . . . . . .
o Building located in the Gulf Opportunity (GO) Zone, Rita GO Zone, or Wilma GO Zone
o Section 42(d)(5)(C) high cost area provisions
4 Percentage of the aggregate basis financed by tax-exempt bonds. (If zero, enter - 0-.) . . . . . . . . .
5 Date building placed in service. . , . , . . , . . . . . . . . . . . . . . . ... 10/4 / o.~_
6 Check the boxes that describe the allocation for the building (check those that apply):
a 0 Newly constructed and federally subsidized b 0 Newly constructed and not federally subsidized c [8j Existing building
d 0 Sec. 42(e) rehabilitation expenditures federally subsidized e 0 Sec. 42(e) rehabilitation expenditures not federally subsidized
f 0 Not federally subsidized by reason of 40-50 rule under sec. 42(i}(2)(E) 9 0 Allocation subject to nonprofit set-aside under sec. 42(h)(5)
Signature of Authorized Housing Credit Agency Official- Completed by Housing Credit Agency Only
Under penalties of perjury, I declare that the allocation made is in compliance with the requirements of section 42 of the Internal Revenue Code,
and that I have examined this fomn of my knowledge and belief, the infomnation is true, correct and complete.
JAMES M. CHANDLER
.. AUTHORIZED OFFICER
---------..........--------------------
Name (please type or print)
For Privacy Act and Paperwork Reduction Act Notice, see instructions. Cat. No. 63981U Form 8609 (Rey. 12·2008)
TABQ
Office of Housing
Project-based Section 8
Oakmeade Apartments
PREPARATION OF CONTRACT
Reference numbers in this form refer to notes at the end of the contract text
These endnotes are instr!..ictions for preparation of the Preservation Renewal
Contract. The instructions are not part of the Renewal Contract
REV 11-05-2007
1
Attachment 13
TABLE OF SECTIONS
1 CONTRACT INFORMATION 1
PROJECT 1
3 DEFINITIONS 4
4 RENEWAL CONTRACT 5
a Parties 5
b Statutory authority 5
c Expiring Contract 5
d Purpose of Renewal Contract 5
e Contract units 6
6 CONTRACT RENT 1
d No other adjustments 1
7 OWNER WARRANTIES 8
REV 11-05-2007
1
Attachment 13
~.-.------- - - ... .. ... ~-.---.--
13 WRITTEN NOTICES
10
SIGNATURES 11
REV 11-05-2007
2
P.ttachment 13
Project-based Section 8
1 CONTRACT INFORMATION 2
PROJECT
Project Description: 3
This is a row style complex with 12 buildings. There are (14) one bedroom, (69)
two bedroom, and (16) three bedroom Sedran 8 units. There is (1) two bedroom
Non-Section 8 unit. The property is located at 300 Airport Place, Highland
Springs, VA 23075 in Henrico County.
REV 11-05-2007
1
}\,ttachment 13
---"------
Plan of Action
During the term of the Renewal Contract, the Owner shall operate the project in
accordance with the Plan of Action, as submitted to HUD on 3/14/1995,
(the "POA Submission") and as approved and/or amended by HUD on 3/24/1995
("HUD's POA Approval Letter") (the POA Submission as amended by HUD's
POA Approval Letter is hereinafter referred to as the "Plan of Action").
During the term of the Renewal Contract, the Owner sAall operate the Project in
accordance with the Use Agreement or/and Regulatory Agreement. The Use
Agreement and/or the Regulatory Agreement (as amended, if applicable) in
effect at execution of this contract is/are described as follows: 4
REV 11-05-2007
2
Attachment 13
Name of Owner6
Oakmeade Partners
Address of Owner
c HUD will provide additional funding for the remainder of the first
annual increment and for subsequent annual increments, including
for any remainder of such subsequent annual increments, subject
to the availability of sufficient appropriations. When such
appropriations are available, HUD will obligate additional funding
and provide the Owner written notification of (i) the amount of such
additional funding, and (ii) the approximate period of time within the
Renewal Contract term to which it will be applied.
- - - - - - - - - . - - - . - - - - - - --=-_...... - ....-
Preservation Renewal Contract
REV 11-05-2007
3
.i;ttachment 13
3 DEFINITIONS
Anniversary. The annual recurrence of the date of the first day of the
term of the Renewal Contract
Contract units. The units in the Project that are identified in Exhibit A by
size and applicable contract rents.
Contract rent. The total monthly rent to owner for a contract unit,
including the tenant rent (the portion of rent to owner paid by the assisted
family).
PHA. Public housing agency (as defined and qualified in accordance with
the United States Housing Act of 1937. 42 U.S.C. 1437 at seq.).
Section 8. Section 8 of the United States Housing Act of 1937 (42 U.S.C.
§ 1437f).
REV 11-05-2007
4
Attachment 13
4 RENEWAL CONTRACT
a Parties
b Statutory authority
c Expiring Contract
Previously, the Contract Administrator and the Owner had entered
into a HAP Contract ("expiring contract") to make Section 8 housing
assistance payments to the Owner for eligible families living in the
Project. The term of the expiring contract will expire prior to the
beginning of the term of the Renewal Contract
REV 11-05-2007
5
.:u.ttachment 13
e Contract units
The Renewal Contract applies to the Contract units.
---.,," ."-=--c-:=---:
Preservation Renewal Contract
REV 11-05-2007
6
Attachment 13
6 CONTRACT RENT
d No other adjustments
1 OWNER WARRANTIES
a The Owner warrants that it has the legal right to execute the
Renewal Contract and to lease dwelling units covered by the
contract.
b The Owner warrants that the rental units to be leased by the Owner
under the Renewal Contract are in decent, safe and sanitary
condition (as defined and determined in accordance with HUD
regulations and procedures), and shall be maintained in such
condition during the term of the Renewal Contract.
b If the Owner fails to provide such notice in accordance with the law
and HUD requirements, the Owner may not increase the tenant
rent payment for any assisted family until such time as the Owner
has provided such notice for the required period.
9 HUD REQUIREMENTS
REV 11-05-2007
8
A.ttachment 13
11 PHA DEFAULT
- _.•...._-_...... .. ._._
Preservation Renewal Contract
REV 11-05-2007
9
Attachment 13
13 WRITTEN NOTICES
REV 11-05-2007
10
Attachrr.ent 13
SIGNATURES
By: ~--=-~.:...=:
Signature of authorized representative
U.S. Department
By: _ _ __
Signature of authdrize
Date ------'
Owner
I\.I~rnQ of Owner
By: __________~~~___-____- - - - - - - - - - - - - - - - - - - -
Signature of autho~'~NO
Date ______;( o
~~L---------- __
REV 11-05-2007
11
EXHIBIT A
REV 11-05-2007
1
Tab Q - Documentation of Real Estate Tax Abatement
Henrico County has a rehabilitation tax abatement program that exempts the taxes
resulting from an increase in assessed value due to rehabilitation for a period of seven
years. Attached is general information about the program, an application and a copy of
the current assessed value. The project meets all of the requirements of the abatement
program.
.",--- .
General Information for Partial Tax Exemption of
Rehabilitated Multifamily, Commercial/Industrial,
&. Hotel/Motel Real Estate
Chapter 20, Article 2, Division 3, Section 74, Section 75, and Section 76 of the Code of Henrico
County provides for partial real estate tax exemption for qualifying rehabilitated multifamily,
commercial/industrial, and hotel/motel structures. As authorized by state law, the Henrico
County Board of Supervisors adopted a tax abatement incentive to improve and maintain the
quality of these property classes in the County. The Real Estate Assessment Division (Division)
of the Department of Finance is the administering agency of this program. Following is general
information:
CJ Rehabilitation must increase the base value by no less than 50 percent in order to
qualify. Replacement of multifamily structures 26 years through 39 years of age shall not
exceed the total square footage of the original structure by more than 100 percent.
Multifamily structures 40 years and older do not have a limitation on square footage
increase. Replacement of commercial/industrial and hotel/motel structures shall not
exceed the total square footage of the original structure by more than 100 percent.
CJ All rehabilitation and renovation must be completed three years from the date structure
base value is established. If the rehabilitation has not increased the base value of the
structure by at least 50 percent or greater, a new application may be filed prior to the
expiration date, and a revised base value established. In no event, however, shall there
be more than two additional applications following the initial application on any structure.
Under no circumstances shall any new base value be less than the original base value.
CI An owner may, prior to November 1 of any calendar year in which the rehabilitation is
underway, submit a request to the Division for an inspection of the structure to
determine if it qualifies for exemption. When it is determined the rehabilitation has
resulted in at least a 50 percent increase in assessed value, the tax exemption shall
become effective beginning January 1 of the following year.
CJ The owner of property qualifying for partial exemption of real estate taxes due to
rehabilitation of a structure shall be issued a credit memorandum for the difference in
taxes computed upon the base value and the increased assessed value resulting from the
rehabilitation for a seven-year period. Additional increases in assessed value during
subsequent years of the seven-year period shall not be eligible for partial tax relief.
CI In determining the base value of a structure and whether the rehabilitation results in a
50 percent increase over such base value, the Division shall employ accepted and
customary assessment methodology.
12/2009
Application for Partial Tax Exemption of
A $50.00 processing fee must accompany this application. Refer to General Information for
program guidelines.
Return to: C ounty of Henrico
Real Estate Assessment Division
P.O. Box 90775
Phone: 804.:;01.4300
Property Description
-_ ..... _---------------------------------
Certification
I (we) certify the information within this application is accurate to the best of my (our) knowledge/ and
that the property will be maintained in compliance with all County code provisions during the
rehabilitation.
CoUnty of Henrico- Finance Department Real Estate Assessment Division Page lof2
Base Information
Zone R-5 Account # OA0178601
Subdivision ~INE MILE RD Acreage 7.500
Lot AC7.50 OWner (Cur) bAKMEADEPARTNERS
Section Address C/O ROBERTA PLANTE 300 AIRPORT PL
Block HENRICO VA
Zip 230752164
Commerical Information
Use Code 352 Apartment Year Built 1972
Net Leasable 0 Gross Area (sqft) 88832
No. of Units 100.00
Assessment Information
Year Date Land Use. Improvements Total Apr. Assessment Reason
2011 1/21/2011 $800,000 $0 $2,101,900 $2,901,900 D General Reassessment C
2010 2/1/2010 $800,000 $0 $1,847,700 $2,647,700 D General Reassessment M
2009 1/27/2009 $800,000· $0 $2,056,000 $2,856,000 D General Reassessment C
2008, 1/22/2008 $800,000 $0 $1,893,700 $2,693,700 D General Reassessment C
2007 2/5/2007 $600,000 $0 $2,093,700 $2,693,700 D General Reassessment C
2006 1/25/2006 $600,000 $0 $1,971,700 $2,571,700 D General Reassessment M
2005 2/11/2005 $600,000 $0 $1,886,200 $2,486,200 D General Reassessment M
2004 1/7/2004 $600,000 $0 $1,570,000 $2,170,000 D General Reassessment M
2003 1/15/2003 $600/ 000 $0 $1 /466 /700 $2,066)00 D General Reassessment C
2002 3/29/2001 $450,000 $0 $1 / 548/300 $1 /998 /300 EOY
2001 1/11/2001 $450,000 $0 $1,548,300 $1/998~OO D General Reassessment
2000 3/22/1999 $450/000 $0 $1 /917 /200 $2 /367,200 EOY
1999 4/8/1998 $450,000 ,$0 $1,917,200 $2,367,200 EOY
1998 2/25/1998 $450 /000 $0 $1,917 /200 $2 /367,200 D General Reassessment
1997 1/1/1997 $282,000 $0 $1,382,900 $1,664,900
1996 1/1/1996 $282,000 $0 $1 /382 /900 $1,664/900
1995 1/1/1995 $282,000 $0 $1,382,900 $1,664/900
1994 1/1/1994 $282,000 $0 $1 /860,900 $2/142 /900
1993 1/1/1993 $282,000 $0 $1,860,900 $2,142,900
1992 1/1/1992 $282,000 $0 $1/860,900 $2,142 /900
Transfer History
Deed Book Page Account # Sale Price Sale Date OWner Validity of Sale
01968 02054 $1 /735/000 8/1/1985 OAKMEADE PARTNERS o
Improvements Information
Type Use Code Improvement Measurement
No Information Found
http://wit236/assessmentJtwCreateReport.asp?user=fax&using=fax&parcelid=825%2D721%... 2/1612011
TABR
Office of Housing
Federal Housing Commissioner
Pubfrc Reporting Burden for this collection of information is estimated to average 1.0 hours per response, including the time for reviewing instructions, searching existing
data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. Send comments regarding this berden estimate
or any other aspect of this collection of informalion. including suggestions for reducing this burden, to the Reports Management Officer, Paperwork Reduction Project
(2602"()()62). Office of Information Technology, U.S. Department of Housing and Urban Development, Washington, D.C. 20410-3600. This agency may not collect this
information, and you are not required to complete this form, unless it displays a currently valid OMS control number.
Rental
Income
5100
Vacancies
5200
I
Financial
I Revenue
5400
Other
Revenue
I 5900
I
Administrative til~:;;~;:;;~.:::!..!....:t=.!!..!.=~~:!!!.-----------+-~~
Expenses
6200/6300
I Utilities
Expense
6400
I over, round up--$,49 and below, round down. ref Handbook 4370.2
I 5
Forms software only Copyright © 1997 LPG Services. All Rights Reserved
Operating and ~~~:;?~~~----------------r-~~-tt------
Maintenance
Expenses
6500
Taxes
and
Insurance
6700
Financial
Expenses
6800
Elderly &
Congregate
Service
Expenses
6900
Corporate or
Mortgagor
Entity
Expenses
7100
Warning: HUD will pRlsecule false claims and statements, Convictipn may result in criminal and or civil penalties. (18 U,S.C. 1001. 1 2; 31 .
Miscellaneous or other Income and Expense Sub-account Groups, If miscellaneous or other income and/or expense subaccounts (5190.5290.5490.5990.6390.6590.6729.
6890 and 7190) exceed the Account Groupin9s by 10% or more, attach a separate schedule describing or explaining the miscellaneous income or expenses,
Part II
1. Total principal payments required under the mortgage, even if payments under a Workout Agreement are less or more
than those required under the mortgaae, $ 111,045
2, Replacement Reserve deposits required by the Regulatory Agreement or Amendments thereto, even if payments may
be temporarily suspended or waiVed, S 27,684
3, Replacement or Painting Reserve releases which are incl'-!ded as expense items on this Profit and Loss statement.
$ 22,047
4, Project Improvement Reserve Releases. under the Flexible Subsidy Program that are included as expense items on this
Profit and Loss Statement . $ I N/A
Page2of2 form HUD-92410
REVENUE
5120 Rent Revenue - Gross Potential $ 237,874
5121 Tenant Assistance Payments 405,302
5140 Rent Revenue Stores and commercial
5170 Parking and garage spaces
5180 flexible iiUbsidy revenue
5190 Misc. rent revenue
5191 Excess rent
5192 Rent revenudinsurance
5193 Special claims revenue
5194 Retained excess income
5100 T Total rent revenue \ 643,176
VACANCIES
5220 Apanments (27,160)
5240 Stores and commel'dal
5250 Rental concessions
5270 Garbage and parking space
5290 Miscellaneous
5200T Total vacancies (27,160)
FINANCIAL REVENUE
5410 Financial revenue· project opmtion 458
5430 Revenue from Investments - Residual Receipts
5440 Revenue from Investments - Replacement Reserve 181
5490 Revenue from Investments - Miscellaneous
5400 T Total financial revenue
OTHER REVENUE
5910 Laundry and vending revenue 138
5920 Tenant charges 636
5945 Interest reduction subsidy 71,133
5990 Miscellaneous 1,750
5900 T Total other revelll~e 73,657
5000 T Total revenue 690,312
ADMINISTRATIVE EXPENSES
6203 Conventions lind meetings
6204 Management consultants
6210 Advenising and mllrketing 255
6250 Other Renting expenses
6310 Office salaries
6311 Office expenses 10,506
6312 Office Of model apartment
6320 Management fee 44,400
6330 Manager salaries 82.942
6331 Administrative rent free unii
6340 legal expenses 1,793
6350 Audit expenses 8,800
6351 Bookkeeping I Accounting services
6370 Bad debts 13,148
6390 Misc. Administrative Expenses
6263 T Total Administrative Expenses 161.844
UTILITIES
6420 Fuel oil
6450 Electricity 24,618
6451 Water 41,907
6452 Gas 3,715
6453 Sewer
6400 T TOlal Utilities Expense 70,240
FINANCIAL
6820 Interest on Mortgage Payable 100,785
6830 Interest on Notes Payable (Long Term)
6840 Interest on Notes Payable (Shon Tenn)
6850 Mortgage insurance premium/service charge 4,231
6890 Miscellaneous financial expenses
6800 T Total rmancial expenses 105,016
Assets
Account Description Value
1120 Cash - Operations $ 2,946
1130 TenantlMember Accounts
$ 1,815
Receivable (Coops)
$ 1,815
Receivable
1190 Miscellaneous Current Assets $ 8,440
Detail - Miscellaneous Current Assets
1190-005 - Type of Asset Other
1190-010 - Description
Other escrow
Miscellaneous Detail for 1190
',,'------ 1190-020 - Amount
$ 8,440
Miscellaneous Detail for 1190
Assets
Account Description Value
1200 Prepaid Expenses $1,678
1100T TotaJ Current Assets $ 14,879
1191 TenantlPatient Deposits Held
$ 18,693
in Trust
1310 Escrow Deposits $ 7,416
1320 Replacement Reserve $ 26,845
1340 Residual Receipts Reserve $ 3,181
1300T TotaJ Deposits $ 37,442
1410 Land $ 175,900
1420 Buildings. $1,676,032
1450 Furniture for Project/Tenant
Use $ 196,351
1400T Total Fixed Assets $ 2,048,283
1495 Accumulated Depreciation $ 1,801,164
1400N Net Fixed Assets $ 247,119
1520 Deferred Financing Costs $ 69,151
1500T Total Other Assets $ 69,151
1000T Total Assets $ 387,284
Liabilities
Account Description Value
2105 Bank Overdraft - Operations $ 15,432
2110 Accounts Payable - Operations. $ 31,938
,:~~
Salaries
Legal Expense - Project $ 10,754
Total Administrative Expenses $ 141,190
Utilities Expenses
Account Description Value
6450 Electricity $ 24,666
6451 Water $ 33,733
6452 Gas $ 3,019
6400T Total Utilities Expense $61,418
Operating & Maintenance Expenses
Account Description Value
6510 Payroll $ 58,550
6515 Supplies $ 56,608
6520 Contracts $ 64,628
6525 Garbage and Trash Removal $ 10,087
6500T Total Operating and $ 189,873
Maintenance Expenses
Taxes & Insurance
Account Description Value
6710 Real Estate Taxes $ 23,435
6711 Payroll Taxes (Project's Share) $ 8,341
6720 Property & Liability Insurance $ 13,240
(Hazard)
6723 Health Insurance and Other $13,111
Employee Benefits
6790, Miscellaneous Taxes,
Licenses, Permits and $ 390
Insurance
6700T Total Taxes and Insurance $ 58,517
Financial Expenses
Account Description Value
6820 Interest on First Mortgage (or
$ 108,014
Bonds) Payable
6850 Mortgage Insurance Premiuml
$ 5,986
Service Charge
6800T Total Financial Expenses $ 114,000
Operating Results
Account Description Value
6000T Total Cost of Operations
$ 564,998
before Depreciation
5060T Profit (Loss) before
$ 120,862
Depreciation
6600 Depreciation Expenses $ 11,825
6610 Amortization Expense $ 3,970
5060N Operating Profit or (Loss) $ 105,067
Profit or Loss
Account Description Value
3250 Profit or Loss (Net Income or
$ 105,067
Loss)
Part II
S 840.00 24 $35.00
$ 1,400.00 100 X $14..00
Parking Lot 60,000 ea $ 0.14 $ 8,400.00 Seal and StriEe w/crack fill
Curbing I ea $ 5,000.00 $ 5,000.00 Replace Curb and Gutter, approx.200 lin ft, I
Parking Lot I ea $ 70.000.00 $ 70,000.00 Grind Drive Lanes and 2" Overlay Over Entire Parking Lot I
Grind Trip Hazards I ea $ 2,000.00 $ 2,000.00 Allowance
New masonry enclosures with concrete pad and e"'tension, with
1 I
;Trash Enclosures 6 ea $ 10,000,00 $ 60,000.00 !spring-Ioaded ~te ..
,Fence and gate in leasing parking lot 100 ft $ 60.00 I $ 16,000.00 IAt shared parking lot with adj~cent Eroperty
[Fencing along Ad,Etcent Property 1,000 ea $ 25.00 I $ 25,000.00 llOOO Lin ft ofS'-O" ChainLink fence, Yinyl Coated,
,Grand Monument I ea $ 6000,00 I $ 6 000.00 !t-:ew En!t)' Si!!!!, Brick Base
I
I?"mo Playground and replace, install Benches, signage, use
;StructurelPlayground (I) I ea $ 34.000,00 I $ 34.000,00 Wood fiill S u r f a c e _
IAncillary Signs I ea $ 3,500.001 $ 3,500.00 IAccessibilitv, Office, Etc.
~~~~~------------------r_~~+~=-_+~~~~~~----17~5£,0~OO~.=OO~~~~~~~~~~__~_~________~
10,000.00 s.
15,000.00
Pitched roofs
r!Y-";"d Repair
I
1
250 ea
I
$ 185,000.00; $
$ 45.00 $
I
composition shingles, Anti fungal
include new flashing, ridge vents, vents and new ridge caps.
185,000.00 Venting to comply with International Building Code
11,250,00 Allowance
3
f';A;:.tt",ic"-i,,,n::;sul;:a=Il,-,·o:::n,~_ _ _ _ _ _ _ _ _ _-+_-,I'----4_--::!ea~-+-=$~_-,3?0""0""0::,:O""0~0+$:-_ _c:3",0,,,,000~'700::-l'I,,:,-nc,,,r;;:;eas:;:::e:B:::::lo,-,wn~lc:ns,,,u::la:::t!~·onfromR·19toR-38 ..
1
I
Door hardware 200 ea $ 62.50 I $ 12,500,00 INew hardware (200 entry and deadbolt combo)
Rear door replacement-back side ofpraperty 50 ea $ 850.00 I $ 42,500,00 ;Metal frame steel doors with peephole
~dr:l::RoomDoor I ea $ 1,500.00 I $ 1,500.00 IReElace Laundry Room Door
Untt entry doors with frame 50 ea $ 780.00 ; $ 39,000.00. New Doors W I Frame (a) $780.,00 xinG
Screens
Windows New 205,000.00
Tennite R air $ 12,500.00
8triliC~~______________________+-~~-+ __~__~__~~~~$_____~30~,~OO~O~.0~O~~~~~ ~~~~~__~__________~
Mailboxes $ 5,000.00
S 5,000.00
$ 24,O.~OO:.::.O:c;O:..J.:::==~====~~""'c..::::=;L."===::"""'__....J
General Conditions 6,00 % I $ 324,256.00
Overhead 2.00 % l $ 108,085,00
Profit 6,00 ~4 i $ 324,256,00
TABW
ATTORNEYS AT lAW
Suite 900
(202) 585-8000
March 8, 20 II
The undersigned firm represents the above-referenced Owner as its tax counsel. We have
received a copy of and have reviewed the completed application package dated March 7, 2011 (of which
this opinion is a part) (the "Application"), submitted to you for the purpose of requesting, in cOIlllection
with the captioned Development, a reservation of low income housing tax credits ("Credits") available
under Section 42 of the Internal Revenue Code of 1986, as amended (the "Code"). We have also
reviewed Section 42 ofthe Code, the regulations issued pursuant thereto and such other binding authority
as we believe to be applicable to the issuance hereof (the regulations and binding authority hereinafter
collectively referred to as the "Regulations").
Based upon the foregoing reviews and upon due investigation of such matters as we deem
necessary in order to render this opinion, but without expressing any opinion as to either the
reasonableness of the estimated or projected figures or the veracity or accuracy of the factual
representations set forth in the Application, the undersigned is of the opinion that:
1. It is more likely than not that the inclusion in eligible basis of the Development of such
cost items or portions thereof, as set forth in Parts VIII and IX of the Application form, complies with all
applicable requirements of the Code and Regulations.
2. The calculations (a) of the Maximum Allowable Credit available under the Code with
respect to the Development in Part VIII of the Application form and (b) of the Estimated Qualified Basis
of each building in the Development in Part IX of the Application form comply with all applicable
requirements of the Code and regulations, including the selection of credit type implicit in such
calculations.
13378891.2 033993/000001
WWW.NIXONPEABODY.COM
Virginia Housing Development Authority
March 8, 2011
Page 2
3. The appropriate type(s) of allocation(s) have been requested m Subpart I-D of the
Application form.
4. The information set forth in Subpart VII-C of the Application form as to proposed rents
satisfies all applicable requirements ofthe Code and Regulations.
6. It is more likely than not that the representations made under Subpart I-F of the
Application form as to the Development's compliance with or exception to the Code's minimum
expenditure requirements for rehabilitation projects are correct.
7. After reasonable investigation, the undersigned has no reason to believe that the
representations made under Subpart I-E of the Application form as to the Development's compliance with
or eligibility for exception to the ten-year "look-back rule" requirement of Code §42(d)(2)(B) are not
correct.
Finally, the undersigned is of the opinion that, if all information and representations contained in
the Application and all current law were to remain unchanged, upon the placement in service of each
building of the Development not later than the close of the second calendar year following the calendar
year in which the allocation is made, the Owner would be eligible under the applicable provisions of the
Code and the Regulations to an allocation of Credits in the amount( s) requested in the Application.
This opinion is rendered solely for the purpose of inducing the Virginia Housing Development
Authority ("VHDA") to issue a reservation of Credits to the Owner. Accordingly, it may be relied upon
only by VHDA and may not be relied upon by any other party for any other purpose.
This opinion was not prepared in accordance with the requirements of Treasury Department
Circular No. 230. Accordingly, it may not be relied upon for the purpose of avoiding U.S. Federal tax
penalties or to support the promotion or marketing of the transaction or matters addressed herein.
13378891.2 033993/000001
Suite 900
401 9th Street. N W
Washington DC 20004-2128
(202) 585-8000
(This Opinion Must Be Submitted Under Law Firm's Letterhead AH)" ehaHges to the farm of opiHien
~thQn-fil.l.iflg-iB--hla-n-ks--M-·m:a-kHtg-tlKHIppF6pflete-seleetioHs iH bFaeketed language must be
accompanied by a black lined version-ifHi.icating all additional changes to the opision. Altered opinioHs
are subject to acceptaace-by-tbe Authority and should be approo,'cd prior to the application dendUHc)
March 8 2011
Name of Development:
Name of Ovmer:
-:f1"tis,I,W; undersigned firm represents the above-~eferenced Owner as its ~counseL #-fl.as~
~ received a copy of
and has reviewed the completed applioation package dated (ofv.hieh this opinion is a part)
and baye reviewed the completed application package dated March 8. 2011 (ofwbicb this opinion is a part)
(the "Application")" submitted to you for the purpose of requesting, in connection with the captioned
Development, a reservation of low income housing tax credits ("Credits") available under Section 42 of the
Intemal Revenue Code of 1986, as amended (the "Coden). It-hasWe have also reviewed Section 42 of the
Code, the regulations issued pursuant thereto and such other binding authority as it believeswe belieye to be
applicable to the issuance hereof (the regulations and binding authority hereinafter collectively referred to
as the ::':Regu1ations").
Based upon the foregoing reviews and upon due investigation of such matters as if.
6eeHtswe deem necessary in order to render this opinion, but without expressing any opinion as to either
13378891 ?
l3378S@7A
Virginia Housing Deve!opment Authority
March 8. 2011
~2-
the reasonableness of the estimated or projected figures or the veracity or accuracy of the factual
representations set forth in the Application, the undersigned is of the opinion that:
1. It is more likely than not that the inclusion in eligible basis of the Development
of such cost items or portions thereof, as set forth in Parts VIII and IX of the Application form, complies
with all applicable requirements of the Code and Regulations.
2. The calculations (a) of the Maximum Allowable Credit available under the Code
with respect to the Development in Part VIII of the Application form and (b) of the Estimated Qualified
Basis of each building in the Development in Part IX of tile Application form comply with all applicable
requirements of the Code and regulations, including the selection of credit type implicit in such
calculations.
W788912 033923/000091
1-3l>7SB07,1
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&- fgelete-if inappli(..~LIt is more likely than not that the representations made
under Subpart I-F of the Application form as to the Development!:s compliance with or exception to the
Code!:s minimum expenditure requirements for rehabilitation projects are correct.
This opinion is rendered solely for the purpose of inducing the Virginia Housing
Development Authority (.!:'.:VHDN!:) to issue a reservation of Credits to the Owner. Accordingly, it may
be relied upon only by VHDA and may not be relied upon by any other party for any other purpose.
This opinion was not prepared in accordance with the requirements of Treasury Department
Circular No. 230. Accordingly, it may not be relied upon for the purpose of avoiding U.S. Federal tax
penalties or to support the promotion or marketing of the transaction or matters addressed herein.
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Virginia Housing Development Authority
March 8. 20ll
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Firm Name
Nixon Peabody LI ,P
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TABY
To carry out the goals set forth under this Plan, it is necessary to attract qualified
residents from varied social and economic levels for these specially adapted
units. Attraction of prospective residents will be accomplished by using a wide
variety of advertising techniques, which may include broadcasting media,
newspaper advertisements (Richmond Times Dispatch), brochures, signs, model
apartments, open houses, etc. All marketing attempts will include the
appropriate Equal Housing logo, slogan, or statement. Any qualified individual
will have the opportunity to apply for an apartment. Applications will be accepted
and processed in a reasonable, prompt, and courteous manner, without regard to
race, color, religion, national origin, sex, elderliness, familial status, or handicap.
Director of Goodwillindusfries
6301 Midlothian Turnpike
Richmond, VA 23225
804-745-6300
2
Director of Circle Center Adult Day Services
3900 W. Broad Street, BuiJding #20
Richmond, VA 23230
804-355-5717